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New World China Land

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"New World Development (China)" redirects here. For the parent company of New World China Land, see New World Development.

New World China Land
New World China
Company typesubsidiary (formerly listed)
SEHK: 917 (former)
IndustryReal estate
PredecessorDivision of New World Dev.
Founded28 August 1996; 28 years ago (1996-08-28)
FounderNew World Development
Headquarters
Grand Cayman, Cayman Islands(de jure)
Hong Kong S.A.R., China(de facto)
Area served
Mainland China
Key people
Henry Cheng (Chairman)
BrandsNWCL
RevenueDecrease HK$17 billion (2014–15)
Decrease HK$3 billion (2014–15)
Total assetsIncrease HK$134 billion (2014–15)
Total equityIncrease HK$61 billion (2014–15)
OwnerNew World Dev.
ParentNew World Dev.
Subsidiaries
  • New World China Property
  • New World Development (China)
  • etc.
Chinese name
Traditional Chinese新世界中國地產有限公司
Simplified Chinese新世界中国地产有限公司
Jyutpingsan1 sai3 gaai3 zung1 gwok3 dei6 caan2 jau5 haan6 gung1 si1
Cantonese Yalesān sai gaai jūng gwok deih cháan yáuh haahn gūng sī
Hanyu PinyinXīnshìjiè zhōngguó dìchǎn yǒuxiàn gōngsī
Transcriptions
Standard Mandarin
Hanyu PinyinXīnshìjiè zhōngguó dìchǎn yǒuxiàn gōngsī
Yue: Cantonese
Yale Romanizationsān sai gaai jūng gwok deih cháan yáuh haahn gūng sī
Jyutpingsan1 sai3 gaai3 zung1 gwok3 dei6 caan2 jau5 haan6 gung1 si1
Websitewww.nwcl.com.hk
Footnotes / references
in consolidated financial statement; financial year ended on 30 June each year[1]

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

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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.[4]: 57  The company was registered in Hong Kong as a "registered non-Hong Kong company" on 17 May 1999.[5] It became a listed company on 16 July 1999 as New World China Land Limited,[4]: 58  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.

Legacy

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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

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References

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  1. ^ 2015 Annual Report (PDF). Hong Kong: New World China Land. 16 October 2015. pp. 154, 156, 239. Retrieved 10 November 2018.
  2. ^ "PROPOSED SEPARATE LISTING OF NEW WORLD CHINA LAND LIMITED" (Press release). Hong Kong: New World Development – via Hong Kong Exchanges and Clearing website.
  3. ^ Nishizawa (21 March 2016). "New World China Gets Approval to Privatize, Shares Surge". Bloomberg L.P.first=Kana. Retrieved 9 November 2018.
  4. ^ a b 1999 Annual Report (PDF). Hong Kong: New World China Land. December 1999. Retrieved 24 December 2018.
  5. ^ Data in the Hong Kong Companies Registry
  6. ^ "DISCLOSEABLE TRANSACTION" (PDF) (Press release). Hong Kong: 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. Hong Kong. 5 August 2013. Retrieved 9 November 2018.
  9. ^ "Joint General Managers' Report – Hotel Operations". 2013 Annual Report (PDF). New World Development. 18 October 2013. p. 22. Retrieved 9 November 2018.
  10. ^ a b "JOINT ANNOUNCEMENT" (PDF) (Press release). Hong Kong: New World Development; New World China Land. 3 July 2015. Retrieved 9 November 2018 – via Hong Kong Exchanges and Clearing website.
  11. ^ Sito, Peggy (9 November 2015). "New World China Land sells hotel management unit to parent Chow Tai Fook". South China Morning Post. Hong Kong. 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. Hong Kong. 2 December 2015 [last updated on 13 July 2017]. Retrieved 10 November 2018.
  13. ^ "JOINT ANNOUNCEMENT" (PDF) (Press release). Hong Kong: New World Development; New World China Land. 2 December 2015. Retrieved 10 November 2018 – via Hong Kong Exchanges and Clearing website.
  14. ^ "Xīn-shìjiè zhōngguó dǎzào wǔhàn zhōu dàfú jīnróng zhōngxīn zhùlì jiànshè guójì huà dà dūshì" 新世界中國打造武漢周大福金融中心 助力建設國際化大都市 [NWCL Develops Wuhan Chow Tai Fook Finance Centre Turning Wuhan into Metropolitan City] (Press release) (in Chinese (Hong Kong)). Hong Kong: New World China. 11 June 2018. Retrieved 14 November 2018.
  15. ^ Chen, Carrie (30 October 2017). Written at Hong Kong. "Hong Kong-Listed New World Development To Sell Unit Ramada Property For CNY1.85 Billion". Nikkei Asian Review. Tokyo. Retrieved 13 November 2018.
  16. ^ "Connect Transaction Disposal of entire interest in Ramada Property Ltd" (PDF) (Press release). Hong Kong: New World Development. 27 October 2017. Retrieved 14 November 2018 – via Hong Kong Exchanges and Clearing website.
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