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New World Development

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New World Development Company Limited
新世界發展有限公司
Company typePublic Company
Industryconglomerate
Founded29 May 1970 Edit this on Wikidata
FounderCheng Yu-tung
HeadquartersNew World Tower [zh]
Central, Hong Kong
Key people
Henry Cheng (Chairman)
Adrian Cheng（Executive Vice-chairman and Chief Executive Officer）
ProductsReal property, Hotel, Infrastructure and Services, General merchandise
RevenueHK $59,6 billion (as of financial year 2016)
OwnerChow Tai Fook Enterprises Limited
Number of employees
About 50,000 people (as of financial year 2014)
Subsidiaries
Websitewww.nwd.com.hk
New World Development
Traditional Chinese新世界發展有限公司
Simplified Chinese新世界发展有限公司

New World Development Company Limited (NWD), is a Hong Kong-based company focused on property, hotels, infrastructure and services and department stores. It was established on 29 May 1970 by Cheng Yu-tung. The company is publicly listed on the Stock Exchange of Hong Kong Limited (SEHK: 17) since 23 November 1972 and is a constituent stock of Hong Kong Hang Seng Index.[1]

Over the last four decades, the group has also actively participated in various businesses in Mainland China and established itself as one of the largest foreign direct investors in the country. The group's existing investments in Mainland China has exceeded US$16.5 billion, spreading across four municipalities and over 19 provinces.[1]

Organization[edit]

The head office is in the New World Tower [zh] in Central, Hong Kong.[2]

New World Development owns listed companies NWS Holdings and New World Department Store China. New World China Land Limited is wholly owned by New World Development. The company also owned former listed company New World Hotels (Holdings). Rosewood Hotel Group, an hotel management company, is a former subsidiary of NWD group.

New World Development and sister listed company Chow Tai Fook Jewellery Group are both majority owned by privately owned Chow Tai Fook (Holding).

New World Development Company Limited is one of the Hong Kong companies who have a large landbank. As at 31 December 2014, the group had a landbank of around 9.25 million sq ft, of which around 5.3 million sq ft was residential property. The group had a total of approximately 18.3 million sq ft of attributable agricultural land reserve pending for conversion.

Governance[edit]

Former Chairmen[edit]

  1. Ho Sin-hang (1970–1982)
  2. Cheng Yu-tung (1982–2012)

Former Chief Executives[edit]

This position was formerly known as Managing Director (until 2012) and General Manager (until 2020)

  1. Cheng Yu-tung (1970–1989)
  2. Henry Cheng (1989–2012)
  3. Adrian Cheng and Chen Guanzhan (2012–2017)

Controversies[edit]

Hung Hom Peninsula[edit]

The Hung Hom Peninsula was sold for a below-market land premium of HK$864 million to New World Development, who subsequently sold off half share to Sun Hung Kai Properties. In 2004, the consortium announced the demolition of these buildings to make way for luxury apartments, to be faced with huge popular outcry about the needless destruction of "perfectly good buildings" to satisfy "corporate greed". In an unprecedented about-turn, the developers withdrew the plan on 10 December 2004.[3]

Leung Chin-man[edit]

Main article: Leung Chin-man appointment controversy

In 2008, New World was the subject of controversy when it announced it had hired former Permanent Secretary for Housing, Planning and Lands Leung Chin-man as deputy managing director and executive director of its China subsidiary, New World China Land Ltd. The Secretary for the Civil Service Denise Yue Chung-yee, signed off on the approval for him to take up the job within three years of leaving,[4] failing to take into account the appearance of conflict of interest resulting from the Hung Hom Peninsula affair.[5] New World argued that they hired Leung in good faith, after the government had given clearance. New World announced in the early hours of 16 August that the parties had agreed to rescind the contract.[6]

Avenue of Stars[edit]

See also: Tsim Sha Tsui Waterfront Revitalisation Plan

The company has managed the Avenue of Stars for 11 years[when?], and its contract is due to expire. It was announced that the Leisure and Cultural Services Department of the Hong Kong government would redevelop and expand the avenue jointly with the company.[7] The Hong Kong government declared that the enhancement project would contain limited commercial appeal, and no luxury shops or high-end restaurants would be added.[8] The walkway, very popular with tourists, was closed off for three years while the expansion was undertaken.[9]

The decision to award the contract for the redevelopment to the company without putting it out to tender, on the justification that the project was non-profit, sparked controversy locally.[10] Residents' groups and other development companies owning properties adjacent to the walk expressed discontent, whilst the LCSD claimed that consultations with the local district council had been favourable.[11] In an apparent attempt to de-fuse the public furore at the apparent collusion between government and big business, the government promised a public consultation.[12]

Chubby Hearts

HK$7.8 million was granted by the Hong Kong Mega Arts and Cultural Events Committee chaired by Adrian Cheng Chi-kong to host in February 2024 Chubby Hearts by British designer Anya Hindmarch, who has a shop in K11 Musea, a mall founded by Adrian Cheng himself and owned by his family’s New World Development, of which Adrian Cheng is Executive Vice-chairman and General Manager.

See also[edit]

References[edit]

  1. ^ a b "Corporate | New World Development Company Limited Official Website". www.nwd.com.hk. Retrieved 8 October 2015.
  2. ^ "Contact Us". New World Development. Retrieved 15 September 2022. 30/F, New World Tower, 18 Queen's Road, Central, Hong Kong - Traditional Chinese address: "香港中環皇后大道中18號新世界大廈30樓", Simplified Chinese address: "香港中环皇后大道中18号新世界大厦30楼"
  3. ^ Ng, Michael & Teddy (11 December 2004). "Demolition of Hung Hom flats scrapped". The Standard. Archived from the original on 22 May 2011. Retrieved 29 January 2007.
  4. ^ Diana Lee (5 August 2008). "Former housing chief faces legal bid to demolish his job with developer". The Standard. Archived from the original on 11 December 2008. Retrieved 7 August 2008.
  5. ^ Secretary for the Civil Service (15 August 2008). "SCS submits report to Chief Executive on Leung Chin-man's case" (Press release). Civil Service Bureau, Hong Kong Government.
  6. ^ Cheung Chi-fai (16 August 2008). "Ex-housing chief shocked officials didn't consider Hung Hom deal". South China Morning Post. pp. A10.
  7. ^ http://www.thestandard.com.hk/news_detail.asp?we_cat=5&art_id=160695&sid=44880224&con_type=1&d_str=20150831&fc=1 [permanent dead link]
  8. ^ Fung, Fanny W. Y. (27 August 2015). "Hong Kong Avenue of Stars expansion won't feature luxury shops or posh restaurants, top officials says amid outcry". South China Morning Post.
  9. ^ Fung, Fanny W. Y. (21 August 2015). "Lights out for Avenue of Stars as iconic Hong Kong site set to shut down for three years despite public outcry". South China Morning Post.
  10. ^ Kammerer, Peter (31 August 2015). "Public outcry over Avenue of Stars plan is a message to the Hong Kong government: No bending of the rules will be tolerated". South China Morning Post.
  11. ^ "Tsim Sha Tsui harbourfront enhancement plan faces opposition". ejinsight.com. Archived from the original on 6 July 2017.
  12. ^ Fung, Fanny (1 September 2015). "Hong Kong government pledges consultation on controversial Avenue of Stars revamp". South China Morning Post.

External links[edit]

  • Business data for New World Development:
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