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  OOjs UI icon edit-ltr-progressive.svg
Founder Cheng Yu-tung
Headquarters New World Tower  [ zh ]
Central, Hong Kong
Key people
 Henry Cheng (Chairman & Executive Director)
Adrian Cheng（Executive Vice-chairman and General Manager）
Products Real property, Hotel, Infrastructure and Services, General merchandise
RevenueHK $59,6 billion (as of financial year 2016)
Owner Chow Tai Fook Enterprises Limited
Number of employees
About 50,000 people (as of financial year 2014)
Subsidiaries
Website www.nwd.com.hk

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, [16] failing to take into account the appearance of conflict of interest resulting from the Hung Hom Peninsula affair. [17] 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. [18]

Avenue of Stars

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. [19] 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. [20] The walkway, very popular with tourists, was closed off for three years while the expansion was undertaken. [21]

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. [22] 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. [23] 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. [24]

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

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References

  1. 1 2 "Corporate | New World Development Company Limited Official Website". www.nwd.com.hk. Retrieved 8 October 2015.
  2. ↑ "Articles of Association - NWDCL" (PDF).
  3. ↑ Ellie Ng (30 September 2016). "New World Development founder Cheng Yu-tung passes away at age 91". Hongkongfp/com. Retrieved 19 December 2019.
  4. ↑ Timothy L. O'Brien (27 January 2016). "How Trump Bungled the Deal of a Lifetime". BloombergView.
  5. ↑ "Event History | New World Harbour Race 2015". www.hkharbourrace.com. Retrieved 8 October 2015.
  6. ↑ "經典重現！維港渡海泳！". sports.sina.com.hk. Archived from the original on 16 September 2015. Retrieved 8 October 2015.
  7. ↑ "New World Development sells Hong Kong hotel stakes to Abu Dhabi investor for HK$18.5 billion". South China Morning Post. 30 April 2015. Retrieved 8 October 2015.
  8. ↑ "New World seals HK$18.5b deal with Abu Dhabi group HK – China Daily Asia". China Daily Asia. Retrieved 8 October 2015.
  9. ↑ Jennifer Lo (29 November 2016). "New World Development shuns lower-tier Chinese cities". Nikkei.com. Retrieved 19 December 2019.
  10. ↑ Sharon Kwok (22 November 2018). "New World Development launches new healthcare brand Humansa". Marketing-interactive.com. Retrieved 19 December 2019.
  11. ↑ Pearl Liu (27 December 2018). "New World Development unit buys Hong Kong insurer FTLife in record US$2.74 billion deal". Scmp.com. Retrieved 19 December 2019.
  12. ↑ "Hong Kong's New World Development donates farmland for social housing". Reuters.com. 25 September 2019. Retrieved 19 December 2019.
  13. ↑ Lam Ka-sing (25 September 2019). "New World donates almost a fifth of its farmland reserves towards building public homes to ease Hong Kong's housing woes". Scmp.com. Retrieved 19 December 2019.
  14. ↑ "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"
  15. ↑ 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.
  16. ↑ 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.
  17. ↑ 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.
  18. ↑ Cheung Chi-fai (16 August 2008). "Ex-housing chief shocked officials didn't consider Hung Hom deal". South China Morning Post. pp. A10.
  19. ↑ 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 ]
  20. ↑ 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 .
  21. ↑ 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 .
  22. ↑ 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 .
  23. ↑ "Tsim Sha Tsui harbourfront enhancement plan faces opposition". ejinsight.com. Archived from the original on 6 July 2017.
  24. ↑ Fung, Fanny (1 September 2015). "Hong Kong government pledges consultation on controversial Avenue of Stars revamp". South China Morning Post .
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
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