| Type | Listed company |
|---|---|
| Industry | Conglomerate |
| Founded | 1970 |
| Founder(s) | Dr. Ho Sin Hang and Mr. Chow Chi Yuen |
| Headquarters | Hong Kong, People's Republic of China |
| Area served | Hong Kong |
| Key people | Chairman: Mr. Cheng Yu-tung |
| Website | New World Development Company Limited |
New World Development Company Limited (NWD), based in Hong Kong, is active in property, infrastructure, services and telecommunications. It was established in 1970 with Dr Ho Sin Hang as Chairman and Chow Chi Yuen as Director and General Manager. Chow became chairman in 1982.
The company is listed on the Hong Kong Stock Exchange (SEHK: 0017,OTCBB: NDVLY) since 1972.
It is controlled by majority shareholder, Chow Tai Fook, a holding company owned by businessman, Cheng Yu-Tung.
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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. 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.[1]
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,[2] failing to take into account the appearance of conflict of interest resulting from the Hung Hom Peninsula affair.[3] 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.[4]