Chow Tai Fook to set up China headquarters in Qianhai free trade zone

Chow Tai Fook Enterprises, the major shareholder of New World Development, is planning to set up its China headquarters in the Qianhai Economic Zone as the operational base to expand business across the nation, said chairman Henry Cheng Kar-shun.

“We have more than 2,000 jewellery shops across the country. We want to set up a headquarters in Qianhai to expand our business in the nation,” said Cheng.

To take advantage of Qianhai’s special financial status, Cheng said he would consider developing financial-related services. But he did not elaborate.

Cheng spoke after the signing with the Qianhai Authority on the co-operation framework in which Chow Tai Fook lays out its intention to set up its headquarters in the zone.

In a related development, the Hong Kong Exchanges and Clearing announced the formation of a commodities trading platform in Qianhai, as the Qianhai-Shekou bonded zone celebrated its first anniversary Wednesday.

The Qianhai-Shekou area, covering 28.2 square kilometres, is one of the three bonded zones of the Guangdong Free Trade Zone (FTZ), focusing on finance, modern logistics and technology services industries.