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New World China Land

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.[2] However, it was privatized again by New World Development in 2016.[3] New World China Land is headquartered in 9/F, New World Tower 1, on 8 Queen's Road Central, Hong Kong Island.

History

New World China Limited is a company incorporated in the Cayman Islands as an exempted company, the legal name for the offshore company in that territory, on 28 August 1996. The company was registered in Hong Kong as a "registered non-Hong Kong company" on 17 May 1999.[4] It became a listed company on 16 July 1999 as New World China Land Limited,[5] which owned the China part of the real estate division of New World Development (NWD Group), a blue-chip listed company of Hong Kong. New World China Land owned some hotels that was independent from another sub-holding company, New World Hotels (Holdings), a former listed company of NWD Group.

In 2011, New World China Land, via New World Hotel Management (BVI) Limited, trading as New World Hospitality, acquired the hotel management company Rosewood Hotels & Resorts for US$229.5 million (approx. HK$1.79 billion).[6][7] In 2013, New World Hospitality (New World Hotel Group) was renamed to Rosewood Hotel Group.[8][9]

In July 2015, New World China Land sold its hotel management business, New World Hotel Management (BVI) Limited and subsidiaries, to parent company Chow Tai Fook Enterprises for HK$1.96 billion.[10][11] According to the press release, it included Rosewood and two other brands New World and penta.[10]

In December 2015, New World China Land sold three portfolios to fellow Chinese developer Evergrande Group, for RMB13.5 billion (HK$16.36 billion).[12][13]

In 2016 New World China Land was privatized by New World Development.

On January 27, 2020, New World China Land Limited announced a donation of RMB 10 million, becoming the first Hong Kong company to donate funds to fight the epidemic. On January 28, K11 Group, under Vice Chairman Cheng Kar-shun, announced the establishment of a special fund for Wuhan's epidemic prevention and control, totaling RMB 5 million. The fund will be used to purchase medical supplies for Wuhan Union Hospital and donate funds to Wuhan Tongji Hospital. Simultaneously, the foundation has urgently transported two batches of surgical masks totaling 200,000 to Wuhan.

Legacy

After the privatization of New World China Land, its parent company New World Development continued to use the brand New World China in some project, such as New World China Land's Wuhan Chow Tai Fook Finance Centre.[14] Also, New World Development (China) Limited is a live subsidiary of the NWD group, which sold two hotels in 2017.[15][16]

See also

  • Leung Chin-man appointment controversy

External links

References

  1. 2015 Annual Report New World China Land, 16 October 2015, retrieved 10 November 2018^
  2. PROPOSED SEPARATE LISTING OF NEW WORLD CHINA LAND LIMITED New World Development^
  3. Nishizawa. New World China Gets Approval to Privatize, Shares Surge Bloomberg L.P.first=Kana, 21 March 2016, retrieved 9 November 2018^
  4. Data in the Hong Kong Companies Registry^
  5. 1999 Annual Report New World China Land, December 1999, retrieved 24 December 2018^
  6. DISCLOSEABLE TRANSACTION New World China Land, 20 June 2011, retrieved 10 November 2018^
  7. Luxury-Hotelier Rosewood to Be Acquired by New World China Bloomberg L.P.url-access=limited, 21 June 2011, retrieved 9 November 2018^
  8. New World Development unit may manage four more Pentahotels South China Morning Post, 5 August 2013, retrieved 9 November 2018^
  9. 2013 Annual Report New World Development, 18 October 2013, retrieved 9 November 2018^
  10. JOINT ANNOUNCEMENT New World Development; New World China Land, 3 July 2015, retrieved 9 November 2018^
  11. Peggy Sito. New World China Land sells hotel management unit to parent Chow Tai Fook South China Morning Post, 9 November 2015, retrieved 9 November 2018^
  12. New World China Land sells three projects in China to Evergrande for HK$16.36 billion South China Morning Post, 2 December 2015, retrieved 10 November 2018^
  13. JOINT ANNOUNCEMENT New World Development; New World China Land, 2 December 2015, retrieved 10 November 2018^
  14. Xīn-shìjiè zhōngguó dǎzào wǔhàn zhōu dàfú jīnróng zhōngxīn zhùlì jiànshè guójì huà dà dūshì New World China, 11 June 2018, retrieved 14 November 2018^
  15. Carrie Chen. Hong Kong-Listed New World Development To Sell Unit Ramada Property For CNY1.85 Billion Nikkei Asian Review, 30 October 2017, retrieved 13 November 2018^
  16. Connect Transaction Disposal of entire interest in Ramada Property Ltd. New World Development, 27 October 2017, retrieved 14 November 2018^