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Wikimedia Commons has media related to Ng Fung Hong .
| Businesses |
| ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Properties | |||||||||||
| Company type | State-owned enterprise |
|---|---|
| Industry | wholesale food |
| Headquarters | Hong Kong |
Area served | Mainland China Hong Kong |
| Parent | China Resources |
| Website | China Resources |
Ng Fung Hong (Chinese :五豐行) is a Chinese company, owned by China Resources and listed in Hong Kong. It describes itself as the largest food distributor in Hong Kong, with interests in food distribution; food production, processing and trading; food retail and supermarket; marine fishing; and abattoir operations. [1] [2]
Ng Fung Hong was founded in Hong Kong in 1951 as "a modest trading agent in Bonham Strand". Two decades later it became part of mainland giant China Resources, and is now a vertically integrated food enterprise "under the auspices of China's Ministry of [Commerce]". [1] [2]
On 25 October 1995, the company was listed on the Hong Kong Stock Exchange. [2]
In 1998, the company made a net profit of HK$525.1 million. [2]
The company is the only agent endorsed by the China Ministry of Commerce to export live cattle to Hong Kong. This monopoly is of concern to the Hong Kong and Chinese governments. [3]
In January 2013, the Hong Kong Secretary for Food and Health, Dr Ko Wing-man, announced an investigation into the supply of meat from the mainland, with the aim of breaking the Ng Fung Hong monopoly, with a result expected by April. [4] Then in 2013, the Chinese ministry reportedly undertook to consider reform of Hong Kong's live cattle supply to break the beef monopoly "once industry and government agree". A Legislative Council panel urged action on the matter by the Hong Kong government, which at this time said it was non-committal. [3]
The economy of Macau is a highly developed market economy. Macau's economy has remained one of the most open in the world since its handover to China in 1999. Apparel exports and gambling-related tourism are mainstays of the economy. Since Macau has little arable land and few natural resources, it depends on mainland China for most of its food, fresh water, and energy imports. Japan and Hong Kong are the main suppliers of raw materials and capital goods. Although Macau was hit hard by the 1997–98 Asian financial crisis and the early 2000s recession, its economy grew approximately 13.1% annually on average between 2001 and 2006. Macau is a full Member of the World Trade Organization. Public security has greatly improved after handover to the People's Republic of China. With the tax revenue from the profitable gambling industry, the Macau government is able to introduce the social welfare program of 15 years of free education to all Macau citizens. In 2015, Macau's economy saw a sharp decrease due to the reduced spending by visitors from Mainland China since the Anti-corruption campaign under Xi Jinping.
The Mainland and Hong Kong Closer Economic Partnership Arrangement, or Closer Economic Partnership Arrangement (CEPA) for short, is an economic agreement between the Government of the Hong Kong Special Administrative Region and the Central People's Government of the People's Republic of China, signed on 29 June 2003. A similar agreement, known as the Mainland and Macau Closer Economic Partnership Arrangement, was signed between the Government of the Macau Special Administrative Region and the Central People's Government on 18 October 2003.
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The Sheung Shui Slaughterhouse is a slaughterhouse in the outskirts of Sheung Shui, New Territories, Hong Kong. The installation was built by China State Construction. Construction began in February 1997, at a cost of HK$ 1.858 billion. It covers 5.8 hectares and is the largest slaughterhouse in Hong Kong, as well as being one of the largest in Asia according to the Architectural Services Department.
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