New World Development

New World Development Co (HK stock code 0017) is a Hong Kong conglomerate with operations in property, infrastructure, transport, retailing telecommunications and bus and ferry operations.It is controlled by Chow Tai Food, a holding company owned by businessman Cheng Yu-tung.

New World Development sells Hong Kong hotel stakes to Abu Dhabi investor for HK$18.5 billion

New World had agreed to transfer the entire 64 per cent stake it holds in Grand Hyatt Hong Kong (left) and Renaissance Harbour View (right) to a 50-50 joint venture to be formed with the Middle East investor, the company told the Hong Kong stock exchange on Thursday. Photos: SCMP

New World Development (NWD) is selling three of its luxury hotels for HK$18.5 billion into a joint venture with the Abu Dhabi Investment Authority (ADIA) in the biggest hotel deal in Asia in a decade.

Thursday, 7 May, 2015, 5:06pm 1 comment

Third generation moving up at New World Development

Adrian Cheng's promotion to executive vice-chairman is being seen as an indication he is the heir apparent to his father, Henry Cheng. Photo: Sam Tsang

Can the Cheng family behind New World Development, a conglomerate with interests in property, hotels, infrastructure and department stores, prove the Chinese proverb wrong and make its wealth last three generations?

7 May 2015 - 5:06pm

New World Development names Adrian Cheng as vice-chairman; in line to succeed his father

Adrian Cheng and his father, New World Development chairman Henry, at the results briefing of their company last year. Photo: Sam Tsang

New World Development has named Adrian Cheng Chi-kong, the son of chairman Henry Cheng Kar-shun as executive vice-chairman, in a move setting up a gradual transfer of control of the business empire to the next generation.

The new appointment will become effective on April 1.

7 May 2015 - 5:06pm 2 comments

New World Development upbeat on HK market after posting 5pc gain in core profit

New World Development's attributable contracted sales of HK$13.4 billion in Hong Kong for the half year exceeded its fiscal year target of HK$12 billion. Photo: Bloomberg

New World Development is optimistic on the outlook of the Hong Kong property market, after posting a modest 5 per cent gain in underlying profit to HK$4.41 billion for the six months to December.

7 May 2015 - 5:06pm

New World wins 'sweet deal' MTR Tai Wai project

The site could yield a gross floor area of 2.7 million sq ft of residential space with 2,900 flats, and 600,000 sq ft of shopping space. Photo: SCMP

The MTR Corp yesterday awarded the property project at its Tai Wai station in a desperate deal that will allow the winning bidder, New World Development, to cut the initial investment to nearly a quarter.

7 May 2015 - 5:06pm

Flat sales buoyant at Ma On Shan development

Flat sales buoyant at Ma On Shan development

Encouraged by strong sales, Henderson Land and New World Development will offer a third batch of flats today at their jointly developed Double Cove Starview Prime residential project in Ma On Shan.

7 May 2015 - 5:06pm 3 comments

Buyers shrug off political unrest to snap up 50 luxury flats

Arezzo at 33 Seymour Road, Mid Levels. Photo: Jonathan Wong

Two luxury residential projects released for sale yesterday met with very different responses, with the cheaper of the two, The Pavilia Hill in North Point, generating more interest than the Arezzo in Mid-Levels West.

7 May 2015 - 5:06pm

Strong sales encourage developers on project launches

Crowds at the sales office for The Pavilia Hill. Photo: Jonathan Wong

Strong sales in the primary market last weekend are expected to prompt more developers to maintain the pace on launch schedules, as the impact of street protests in the city eases.

7 May 2015 - 5:06pm

Homebuyers unfazed by protests as over 90pc of new flats sell

Crowds at the sales office for The Pavilia Hill. Photo: Jonathan Wong

Homebuyers snapped up more than 90 per cent of the new flats released to the market on Saturday, unfazed by strife on the streets.

7 May 2015 - 5:06pm 6 comments

New World cautious with new target despite record sales

The Woodside in Yuen Long was one of the projects that contributed to New World's 21 per cent revenue gain for the year. Photo: SCMP

New World Development kept a conservative target for contracted sales in the fiscal year to June 2015, even though its contracted sales hit a record in the previous financial year.

7 May 2015 - 5:06pm

New World China cuts sales target after net profit inches up 0.5pc

New World China posted a 15 per cent jump in property sales volume in the year to June. Photo: EPA

New World China Land said it cut its sales target for the current financial year by 15 per cent given the downturn in the sector as it reported net profit last year rose marginally, although it came in slightly above market expectations.

7 May 2015 - 5:06pm

New World buyout proposal rejected

Henry Cheng Kar-shun leaves the extraordinary general meeting which saw New World China Land shareholders throw out New World Development's proposal to take the company private. Photo: Bruce Yan

Shareholders of New World China Land yesterday rejected New World Development's HK$18.6 billion proposal to take the company private, effectively throwing the parent firm's future plans into doubt.

7 May 2015 - 5:06pm

New World taps market for HK$18.6b to buy out China unit

New World China Land has commercial and residential projects in Shanghai, Wuhan, Beijing and Haikou. Photos: SCMP

New World Development, the city's fifth-largest developer by market value, yesterday announced it would make an HK$18.6 billion rights issue to take its mainland property arm New World China Land private.

The developer launched an offer to buy back shares of New World China it does not own at HK$6.80 each, a 32.3 per cent premium to the stock's close of HK$5.14 on March 10.

7 May 2015 - 5:06pm

New World Development's net profit dives 54.6 pc in first half

Henry Cheng says New World Development will develop better quality products and enhance after-sales service. Photo: Sam Tsang

New World Development's first-half net profit plunged 54.6 per cent, but the company said it would take measures to offset the negative impact of the cooling measures in the property market which might affect earnings.

27 Feb 2014 - 12:53am 1 comment

New World China Land sees mainland China profit double

Executive director Tsang Yam-pui says NWS' priorities are infrastructure projects. Photo: Jonathan Wong

New World China Land (NWCL), the mainland property unit of New World Development, said an estimated 6.27 billion yuan (HK$7.94 billion) worth of property sales will be booked in the second-half result for the financial year ending in June. That compares to 5.39 billion yuan of sales in the year-earlier period.

7 May 2015 - 5:06pm 1 comment

Pages