New World Development Co. Ltd.
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| Public Company (: 0017, OTC Pink: ) | |
| Industry | Real property |
| Founder | Dr. Cheng Yu Tung |
| Headquarters | Hong Kong |
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Key people
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Henry Cheng (Chairman & Executive Director) Adrian Cheng（Executive Vice-chairman and Joint General Manager） Mr. Chen Guanzhan（Executive Director and Joint General Manager） |
| Products | Real property, Hotel, Infrastructure and Services, General merchandise |
| Revenue | HK $556.5 billion (as of financial year 2014) |
| Owner | Chow Tai Fook Enterprises Limited |
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Number of employees
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About 50,000 people (as of financial year 2014) |
| Website | nwd |
New World Development Company Limited (NWD), is based in Hong Kong focusing on property, infrastructure and services, department stores and hotels. It was established in 1970 by Cheng Yu-tung. The company is publicly listed on the (SEHK: 00017, OTC Pink: NDVLY) since 23 November 1972 and is a constituent stock of Hong Kong Hang Seng Index.
Over the last four decades, the group has also actively participated in various businesses in Mainland China and established itself as one of the largest foreign direct investors in the country. Its notable subsidiaries include the Rosewood Hotel Group, formerly New World Hospitality and renamed after its acquisition of Rosewood Hotels & Resorts. The group's existing investments in Mainland China has exceeded US$16.5 billion, spreading across four municipalities and over 19 provinces.
New World Development Company Limited and Chow Tai Fook Jewellery Group Limited are both owned by Chow Tai Fook (Holding) Limited. The Group's two listed companies are NWS Holdings Limited and New World Department Store China Limited. New World China Land Limited is wholly owned by the Group.
New World Development Company Limited is one of the Hong Kong companies who have a large landbank. As at 31 December 2014, the group had a landbank of around 9.25 million sq ft, of which around 5.3 million sq ft was residential property. The group had a total of approximately 18.3 million sq ft of attributableagricultural land reserve pending for conversion.
One such project, the Hung Hom Peninsula, was sold for a below-market land premium of HK$864 million to New World Development, who subsequently sold off half share to Sun Hung Kai Properties. In 2004, the consortium announced the demolition of these buildings to make way for luxury apartments, to be faced with huge popular outcry about the needless destruction of "perfectly good buildings" to satisfy "corporate greed". In an unprecedented about-turn, the developers withdrew the plan on December 10, 2004.
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