Hsin Chong
 | |
| Industry |
|
|---|---|
| Founded | 1939 in Hong Kong |
| Founder | Kan-Nee Godfrey Yeh |
| Headquarters | Hong Kong |
| Website |
hsinchong |
Hsin Chong Construction Group Limited (新昌營造集團有限公司; SEHK: 0404) or simply Hsin Chong (新昌) is a major construction company in Hong Kong.
History
It was established in 1939 in Hong Kong as Hsin Chong & Company by Kan-Nee Godfrey Yeh. Yeh was a well established builder in Shanghai before moving to Hong Kong in 1937. His son Meou-Tsen Geoffrey Yeh has been working with him since 1955. The company was listed in Hong Kong Stock Exchange in 1991.
In the late 1990s, Hsin Chong was involved in a scandal over short-piling. As a result, the company was banned from bidding for government contracts between 1999 and 2002.[1]
Recent developments
Chinese billionaire Lin Zhou Yan has taken over control of the company from the Yeh family. In recent years, the company has diversified into mainland China property development.[2] Anonymous Analytics reported in September 2016 that Lin uses Hsin Chong as a "personal dumping ground" for loss-making development properties.[3][2] Hsin Chong has also been accused of acquiring properties at inflated prices.[4] The company's Hong Kong business is profitable, but the firm recorded a loss of HK$2.7 billion in 2016 due largely to a HK$4.4 billion loss on mainland property investments. Its shares suspended trading in April 2017.[2] In early 2017 it was reported that the company owed HK$500 million to subcontractors in Hong Kong, and the situation had led to delays at various construction projects including the M+ Museum.[3]
References
- ↑ Bonnie Chen, Tsang picks political lightweights for Cabinet, The Standard, 21 January 2009
- 1 2 3 Ko, Tin-yau (12 May 2017). "How a top-tier HK builder got into trouble". Hong Kong Economic Journal.
- 1 2 Nguy, Dominique (26 January 2017). "Hsin Chong hit by purported nonpayments". The Standard.
- ↑ "Hsin Chong under fire for property acquisition". Macau Daily Times. 6 October 2016.