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 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.

Saturday, 15 March, 2014, 12:53am

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

Peering into the property market crystal ball for the year ahead

A fortune teller is not necessary to discern omens of developments in Hong Kong's property market. Photo: Nick Otto

Many people turn to fortune-telling books at the beginning of the year for insight on the year ahead.

But if you want hints on what this year will bring in the property market, I think a more reliable reading would be based on the latest actions of developers and the government.

3 Feb 2014 - 11:52am 2 comments

New World Development achieves sales target of HK$10 billion

Henry Cheng says the government does not want to see a drastic downward adjustment of home prices. Photo: Sam Tsang

New World Development has achieved its sales target for the financial year to June in just four months, generating more than HK$10 billion despite a downturn in the property market.

20 Nov 2013 - 2:51am

New World and Wheelock to raise prices for 70 new Austin units

New World Development and Wheelock Properties would put an additional 70 units to their joint residential development at Austin MTR station. Photo: David Wong

New World Development and Wheelock Properties said it would put an additional 70 units on the market at their joint residential development at the Austin MTR station and raise the asking price by 5.6 per cent.

19 Oct 2013 - 3:15am 1 comment

Luxury project plays safe on price

New World Development and Wheelock Properties kicked off sales at the Austin with asking prices at least 9 per cent below market expectations.

New World Development and Wheelock Properties kicked off sales at the Austin with asking prices at least 9 per cent below market expectations for the luxury project.

18 Oct 2013 - 12:14pm

High building costs to limit price falls

New World Development's Henry Cheng, at the results briefing yesterday, wants some fine-tuning of the cooling measures. Photo: Sam Tsang

Rising construction costs will act as a brake on falling property prices, limiting any declines to about 10 per cent, says New World Development chairman Henry Cheng Kar-shun.

27 Sep 2013 - 12:07pm 6 comments

Patience might pay off with price cut

New World's weekend Park Signature sale. Photo: SCMP

New World Development took the plunge at the weekend and discounted prices at its Park Signature project in Yuen Long - attracting the strongest buying response since the Residential Properties (First-hand Sales) Ordinance took effect on April 29.

4 Sep 2013 - 11:55am 2 comments

New World sees strong response at launch of flat sales at Park Signature, Yuen Long

New World's sales event attracted many buyers. Photo: K. Y. Cheng

Aided by an aggressive pricing strategy, New World Development sold 82 per cent of the 238 flats that were on offer at Park Signature in Yuen Long. The flats put on sale were a fraction of the 1,620 in the development.

1 Sep 2013 - 3:22am 4 comments

New World Development unit may manage four more Pentahotels

Sonia Cheng, chief executive of the Rosewood brand, says the company is also targeting a Pentahotel on Macau. Photo: Nora Tam

New World Development's hotel management arm, Rosewood Hotel Group, is in talks to run four more hotels under its Pentahotel brand in Hong Kong and Macau.

5 Aug 2013 - 3:55am

Yuen Long project The Woodsville a litmus test of mid-range sector

Work progresses on New World Development's The Woodsville project in Yuen Long. Photo: Felix Wong

New World Development's latest residential project in Yuen Long will test buying sentiment in the mid-range market in the New Territories amid subdued demand as a result of the government's cooling measures.

10 Jul 2013 - 4:48am 1 comment

New World starts to market US$700 million Hong Kong hotel spin-off

The 549-room Grand Hyatt in Wan Chai had an occupancy rate of 57.8 per cent in the first four months of the year. Photo: Dickson Lee

The hotel trust, NW Hotel Investments - which includes the Grand Hyatt Hong Kong, the Renaissance Harbour View Hotel and the Hyatt Regency Hong Kong, Tsim Sha Tsui - had a valuation of HK$21.4 billion on March 31, a prelisting document said.

11 Jun 2013 - 3:25am

Chow Tai Fook guarantees HK$707m hotel dividend

Chow Tai Fook guarantees HK$707m hotel dividend

New World Development and its controlling shareholder, Chow Tai Fook Enterprises, have agreed to guarantee a minimum HK$707 million first-year payout from the proposed spin-off of the group's hotel subsidiary.

10 Jun 2013 - 5:18am

Henderson Land, New World price flats at The Reach in Yuen Long

Construction site of The Reach, a residential project jointly developed by Henderson Land and New World Development in Yuen Long. Photo: May Tse

The flats at The Reach were offered at HK$10,086 per square foot of saleable area, meaning the firms are asking from HK$3.55 million to HK$8.19 million per flat, as their saleable area ranges from 355 sq ft to 659 sq ft.

22 May 2013 - 5:29am

Hotels hope you'll take it on trust

Illustration: Emilio Rivera

When Hong Kong property developers get a good idea, they tend to all converge on it at once. The idea that has captivated them right now is the hotel trust listing. There are three on the cards, including one from Great Eagle launched this week.

13 May 2013 - 5:59am