A whole New World of real estate fireworks

Sun Hung Kai Properties and Henderson Land pulled out of sponsorship of the New Year's Eve fireworks last year, creating a headache for the Tourism Board.

But the organisers will not have trouble creating an exciting display this time round, with rival developer New World Development taking over funding of the show. To be called "New Year, New World", the show is a sign to many of the start of a new era for the property market.

New World has ambitions to again become the third-biggest developer in the city.

More strong players should be welcome in the market, which has long been dominated by Cheung Kong (Holdings) and Sun Hung Kai Properties.

New World has a new sales and marketing team, following the retirement of former executive director Stewart Leung Chi-kin early this year. Their first project, The Riverpark in Sha Tin, was launched in June.

The new team is already making a difference. The sales office, which cost HK$50 million to build, has a small theatre to play its television advertisements. The design and decor of the sales office are now on the same level as the other major developers.