Formerly |
| ||||
---|---|---|---|---|---|
Company type | subsidiary (formerly listed) | ||||
Industry | real estate | ||||
Founded | 25 July 1957 | ||||
Defunct | 1990 (privatization) | ||||
Fate |
| ||||
Headquarters | Hong Kong | ||||
Products |
| ||||
Owner |
| ||||
Parent |
| ||||
Subsidiaries |
| ||||
Chinese name | |||||
Traditional Chinese | 新世界酒店(集團)有限公司 | ||||
Literal meaning | New world hotel (group) limited company | ||||
| |||||
Kai Tak Land Investment Co.,Ltd. | |||||
Traditional Chinese | 啟德置業有限公司 | ||||
| |||||
Victoria Park Hotel Limited | |||||
Traditional Chinese | 花園大酒店有限公司 | ||||
Literal meaning | Park/garden "Big" hotel limited company | ||||
| |||||
Victoria Park Hotel Limited | |||||
Traditional Chinese | 維多利亞花園酒店有限公司 | ||||
Literal meaning | Victoria Park (garden) hotel limited company | ||||
| |||||
Footnotes /references data updated right after 1990 privatization |
New World Hotels (Holdings) Limited,formerly known as Kai Tak Land Investment Limited,is a former Hong Kong-listed company and currently a wholly owned subsidiary of New World Development.
The company was incorporated as Victoria Park Hotel Limited in 1957 in British Hong Kong. [1] It soon renamed as Kai Tak Land Investment in 1961. [1] Kai Tak Land Investment became a listed company in the Far East Exchange and Kam Ngan Stock Exchange (Chinese :金銀證劵交易所;lit.'Gold and silver securities exchange') in 1972. [2] The exchanges were the predecessors of the Stock Exchange of Hong Kong.
The company was the developer of a building of the same name,Kai Tak Commercial Building. However,it is located in Des Voeux Road Central,Sheung Wan,Hong Kong Island, [2] instead of the area near the Kai Tak Airport,eastern Kowloon. [2] The company also owned some leaseholds of crown land in Tai Kok Tsui,western Kowloon for development into residential buildings. [2]
In October 1976,the controlling stake of the company was acquired by fellow listed developer New World Development (NWD). [3] NWD issued 46,226,000 number of new shares as a payment of the acquisition. [4]
The list company later became the sub-holding company for the hotel assets of New World Development. The company was proposed to rename as New World Hotels (Holdings) in 1985, [5] : 16 and effective in 1986. [1]
In 1990,Chow Tai Fook Enterprises,partnered with associate company New World Development,attempted to privatize New World Hotels (Holdings) for HK$6.25 per shares. [6] The two companies formed a joint venture in 36%:64% ratio to acquire the remaining shares from other shareholders. It was reported that before the deal,New World Development and Chow Tai Fook Enterprises already owned 50.13% and 24.54% shares respectively. [6] The privatization was completed on 26 June 1990. [7] : 16
According to Ta Kung Pao,if including to be acquired Ramada–Renaissance Hotels,whole New World Development group owned (or managing) 152,336 hotel rooms at that time. It included hotels in the United States (144,000 rooms in total),Taiwan (namely 觀光飯店;249 rooms),Vancouver (New World Harbourside;432 rooms),Guangzhou (China Hotel;1,200 rooms),Hangzhou (Dragon;Chinese :黃龍;lit.'yellow dragon';570 rooms),Guilin (name Chinese :桂山; pinyin :Guìshān;610 rooms),Xi'an (New World Dynasty;Chinese :古都;lit.'old capital';502 rooms),Shanghai (Yangtze New World;577 rooms),Beijing (Jingguang New World;497 rooms),Suzhou (namely 雅都;'elegant capital';409 rooms),as well as 5 hotels in Hong Kong,namely New World in Tsim Sha Tsui (723 rooms),The Regent Hong Kong (602 rooms),Hotel Victoria (but in Chinese :海港;lit.'harbour') in Sheung Wan Shun Tak Centre (539 rooms),as well as the twin hotels Grand Hyatt Hong Kong (574 rooms),Renaissance Harbour View Hotel (852 rooms) in the Hong Kong Convention and Exhibition Centre,Wan Chai. [6] [7] : 10–11
The joint venture between Chow Tai Fook Enterprises and New World Development in hotels business,was known as Beames Holdings Limited. [8] [9]
After several additions and disposals,as of 2018,New World Development fully or partially owned 16 hotels. [10] However,only 5 in mainland China (3 in Beijing,1 in Shunde,1 in Wuhan). Some of them under penta,New World and Rosewood brands,which were managed by Rosewood Hotel Group,the hotel management unit owned by Chow Tai Fook Enterprises,privately owned parent company of New World Development.
As of 30 June 2018,New World Hotels (Holdings) is a wholly owned subsidiary of New World Development. [11] : 222 Between 1999 and 2006,New World Hotels (Holdings) was known as NWD (Hotels Investments) Limited. [1]
Only 2 out of 5 hotels of New World Development–New World Hotels (Holdings) group in 1990 were survived as the current assets of New World Development. Despite NWD group also made 5 additions to their Hong Kong hotels portfolio,to a total of 7.
Hotel Victoria was closed down in 1995 [12] and converted to the East Tower of Shun Tak Centre,now known as China Merchants Tower.
In August 2001,The Regent Hong Kong,which New World Development owned 75% stake at that time,was sold for HK$185 million. [13]
New World Hotel,later known as Renaissance Kowloon Hotel after 1990s refurbishment,demolished in 2010 for New World Centre redevelopment project.
In 2013,New World Development attempted to list 3 hotels in Hong Kong to the public again as NW Hotel Investments. [14] [15] [16] [9] Two of them,Grand Hyatt Hong Kong and Renaissance Harbour View Hotel were originally owned by New World Hotels (Holdings). The last hotel,Hyatt Regency Tsim Sha Tsui,completed in 2007,was 100% owned by NWD at that time. However,the listing was collapsed. [17]
Eventually,the 3 hotels were sold to a new joint venture in April 2015. The new JV was owned by Abu Dhabi Investment Authority (ADIA) and New World Development (via Beames Holdings) in a 50–50 ratio. The deal also included Chow Tai Fook Enterprises sold the 36% stakes in Grand Hyatt Hong Kong and Renaissance Harbour View to the new joint venture,leave only the 50% stake held via New World Development. [18] [19] ADIA paid HK$18.5 billion for the stake in the new JV,of which NWD group received HK$10 billion of them. [19] [18]
NWD currently also owned Hyatt Regency Sha Tin [10] opened in 2011 and located in the Chinese University of Hong Kong, [20] as well as Novotel Citygate Hong Kong,Rosewood Hong Kong and pentahotel Hong Kong. [10]
After the privatization of New World Hotels (Holdings),another listed (from 1999 to 2016) subsidiary New World China Land of the group,became the sub-holding company for the hotel assets in the mainland China. However,it excluded the relic of New World Hotels (Holdings),such as Rosewood Beijing (former Jingguang New World),China Hotel and Grand New World Hotel in Xi'an which were owned by New World Development directly. In addition,New World Development only owned 20.5% stake of Jingguang New World,9.0% of China Hotel and 22.4% of Grand New World Hotel as of 1999. [21] [22]
As of 2015,New World China Land owned 8 hotels, [23] Moreover,hotels in Guangzhou,Hangzhou,Guilin,Xi'an and Suzhou of the NWD group,had been sold already. In addition,the Shanghai portfolio was replaced by New World Mayfair Hotel Shanghai (Chinese :上海巴黎春天新世界酒店;lit.'Shanghai "Paris spring" new world hotel') and pentahotel Shanghai,which were part of Shanghai Ramada Plaza,completed in 2002.
Moreover,the hotel management unit of the group,New World Hotel Management (BVI) Limited (trading as Rosewood Hotel Group),was sold by New World China Land to its privately owned parent company Chow Tai Fook Enterprises in July 2015. [24] [25] After another privatization of New World China Land in 2016, [26] New World Development owned the hotel assets by itself.
In 2017,New World Mayfair Hotel Shanghai,along with pentahotel Shanghai,were sold for RMB1.85 billion. [11] : 41–42
On top of Rosewood Beijing [10] in Jingguang Centre (former New World Beijing Hotel),NWD currently owned pentahotel Beijing [10] (former Courtyard By Marriott New World) and the current New World Beijing Hotel [10] on 8 Qinian Street,Chongwenmen,Wangfujing,Dongcheng District. The two other Chinese hotels of NWD Group,was located in Shunde and Wuhan respectively.
In July 1997,some hotels outside Hong Kong,China and Southeast Asia,that were under a sub-holding company,Hotel Property Investments (BVI) Limited,were also sold by New World Hotels (Holdings) (at that time 64% owned by New World Development [27] ),to CTF Holdings,at that time owned by Henry Cheng (son of Cheng Yu-tung,the majority owner of Chow Tai Fook Enterprises and chairman New World Development) and his brother-in-law William Doo Wai-hoi. [27] As of 30 June 2018,Hotel Property Investments (BVI) is 100% owned by Chow Tai Fook Enterprises,the flagship private holding company of Cheng family. [11] : 96 The price was US$80 million (approx. HK$619 million). [28] : 70 According to South China Morning Post,despite New World Development did not disclose the list of the hotels involved in the disposals,it was believed to be those hotels that were under the management of Renaissance and Ramada brands. [27]
The hotel management company,Renaissance Hotel Group N.V. (trading as Renaissance Hotels),which was a subsidiary of New World Hotels (Holdings) [28] : 70 after the 1990 privatization,was also sold by New World Development to Marriott International in April 1997 for US$491 million (approx. HK$3.8 billion). [29] [30] : 3
In 2015,New World Development acquired the remaining 36% stake of Beames Holdings,the parent company of New World Hotels (Holdings) [9] from Chow Tai Fook Enterprises for HK$3.619 billion. Beames Holdings owned significant stakes in some hotels (Rosewood Beijing,Renaissance Riverside Hotel Saigon,New Word Hotel Saigon,New World Makati and the aforementioned new JV with ADIA) and other properties such as some floor area of Shun Tak Centre. [8]
New World Development Company Limited (NWD),is a Hong Kong–based company focused on property,hotels,infrastructure and services and department stores. It was established on 29 May 1970 by Cheng Yu-tung. The company is publicly listed on the Stock Exchange of Hong Kong Limited since 23 November 1972 and is a constituent stock of Hong Kong Hang Seng Index.
Sun Ferry Services Company Limited,more widely known as Sun Ferry and formerly New World First Ferry Services Limited,is a ferry service company in Hong Kong. The company was established in November 1999,when it took over the eight licensed ferry routes transferred from Hongkong and Yaumati Ferry in January 2000.
Shun Tak Holdings Limited is a Hong Kong–Macau company founded in 1972. It has been one of the constituents of the Hang Seng Hong Kong MidCap Index since 11 September 2006. The company is active in shipping,property,hospitality,and investments businesses. Its shipping division,operating under the name of TurboJET,operates hydrofoil and high-speed ferry services between Hong Kong and Macau as a joint venture with China Travel International Investment Hong Kong.
Hongkong Land (HKL) is a property investment,management and development group with commercial and residential property interests across Asia. It owns and manages some 850,000 sq. m. of office and retail property in Asia,principally in Hong Kong and Singapore. Its Hong Kong portfolio represents some 450,000 sq. m. of commercial property,making it the single largest landlord in Central,Hong Kong. In Singapore it has 165,000 sq. m. of office space mainly held through joint ventures. While its subsidiary MCL Land is a residential developer. Hongkong Land also has a 50 per cent interest in World Trade Center Jakarta,an office complex in Central Jakarta that it shares with the Murdaya family 's Central Cipta Murdaya Group and a number of residential and mixed-use projects under development in cities across Greater China and Southeast Asia - including WF CENTRAL,a luxury retail centre in Wangfujing,Beijing.
Cheng Yu-tung GBM was a Hong Kong billionaire with extensive property investment,development and service businesses,hotels,infrastructure,jewellery retailing and transportation interests in Hong Kong,Macau,United States,Australia and other areas. He was considered to be Hong Kong's third richest man at the time of his death.
The Sociedade de Turismo e Diversões de Macau,SA is a company in Macau owned by the family of Stanley Ho. Historically,it held a monopoly to Macau's gambling industry as the only licensee for casinos. In 2002,the government of Macau began issuing more licenses and the monopoly was broken. Still,of the 41 operating casinos in Macau,22 are owned by STDM,as of 2019.
Chow Tai Fook group is a Hong Kong–based,privately-owned conglomerate with holdings in the jewellery,property development,hotel,department store,transportation,energy,telecommunications,port,casino,and other businesses. Despite the holding companies of the group,namely Chow Tai Fook Capital Limited,Chow Tai Fook (Holding) Limited,Chow Tai Fook Enterprises Limited,etc. being privately owned,the group has been partially listed on the stock market via associate company New World Development and subsidiary Chow Tai Fook Jewellery Group Limited. As of 31 December 2018,New World Development was ranked as the 47th-largest company by market capitalization on the Stock Exchange of Hong Kong,which was HK$105.68061 billion.
New World China Land Limited is a wholly owned subsidiary of Hong Kong–based conglomerate New World Development,itself part of Chow Tai Fook group. New World China Land was spin off from New World Development in 1999 as a separate listed company. However,it was privatized again by New World Development in 2016. New World China Land is headquartered in 9/F,New World Tower 1,on 8 Queen's Road Central,Hong Kong Island.
The four big families of Hong Kong is a term used to describe the four business families that historically rose to prominence and became influential in Hong Kong. In order of influence,they are the Li,Ho,Lo and Hui families.
Baha Mar is a 1,000-acre (400 ha) resort complex on the island of New Providence in The Bahamas. Owned by Hong Kong–based Chow Tai Fook Enterprises,the establishment opened in April 2017. The amenities include three hotels with a total of 2,200 rooms,284 private residences,a 100,000-square-foot (9,300 m2) casino,a 30,000-square-foot (2,800 m2) spa,and a Tournament Players Club golf course designed by Jack Nicklaus.
Rosewood Hotels &Resorts is an international luxury hotel and resort company operating 31 hotels in 16 countries,currently owned by Hong Kong–based Rosewood Hotel Group. It was founded in Dallas in 1979 by Caroline Rose Hunt,the daughter of oil tycoon H. L. Hunt.
Chow Sang Sang Holdings International Limited,or Chow Sang Sang Group,doing business as Chow Sang Sang jewelry Company Limited or Chow Sang Sang,is a jewelry company with its corporate headquarters in the Chow Sang Sang Building in Kowloon,Hong Kong. Its registered office is in the Clarendon House in Hamilton,Bermuda. and it is incorporated with limited liability in Bermuda. It is SEHK: 116 on the Hong Kong Stock Exchange.
Adrian Cheng Chi-kong is a Hong Kong entrepreneur and business executive son of property developer Henry Cheng and grandson of Cheng Yu-tung. He is the former CEO and executive vice-chairman of the family company,the Hong Kong-listed New World Development,the heir and executive director of jewelry company Chow Tai Fook,and the owner of Rosewood Hong Kong Hotel. He is also the founder of K11,which has a portfolio of commercial,cultural and residential projects.
Far East Consortium International Limited (FEC) is a company with its head office in Central,Hong Kong. It was founded in 1950 by Deacon Chiu and listed on the Hong Kong Stock Exchange in 1972.
Penta Hotels is a hotel brand with 28 hotels with this name across Europe and Asia as of 2020.
Wuhan CTF Finance Centre also known as Wuhan Chow Tai Fook Finance Centre is a supertall skyscraper under construction in Wuhan,Hubei,China. The tower was originally set to be China's tallest,surpassing Shanghai Tower when completed in 2026,but its height was later reduced to 475 meters.
Haitong International Securities Group Limited known as Haitong International is a investment bank based in Hong Kong,it is the first market maker from China at Nasdaq.
Rosewood Hotel Group,also known for its former trading names New World Hotel Group,New World Hospitality and legal names New World Hotel Management (BVI) Limited,New World Hotel Management Limited is a Hong Kong–based multi-national hotel management group and the parent company of Rosewood Hotels &Resorts. The company is incorporated in the British Virgin Islands as an offshore company. As of 2016,Rosewood Hotel Group was owned by Chow Tai Fook Enterprises,having acquired Rosewood Hotel Group in 2015 from Chow Tai Fook Enterprises' listed associate company New World China Land for HK$1.96 billion.
Sonia Cheng Chi-Man is a Hong Kong business executive. She is the CEO of Rosewood Hotel Group and the executive director of the New World Development. She is also the vice-chairman of Chow Tai Fook Jewellery Group. She was also appointed as an independent non-executive director of The Hongkong and Shanghai Banking Corporation and a director of Primavera Capital Acquisition Corporation. She is the daughter of Hong Kong property developer Henry Cheng and granddaughter of real estate and jewelry billionaire Cheng Yu-tung.
The Cheng Yu-tung Family refers to a wealthy Hong Kong–based family best known for controlling Chow Tai Fook,via which it also owns New World Development and Rosewood Hotel Group,among other businesses.