Joy City Property Limited (), is a listed company of

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...

, but incorporated in

Bermuda ) , anthem = "God Save the King" , song_type = National song , song = " Hail to Bermuda" , image_map = , map_caption = , image_map2 = , mapsize2 = , map_caption2 = , subdivision_type = Sovereign state , subdivision_name = , e ...

. The company was formerly known as The Hong Kong Parkview Group Ltd.. Its head office is on the 33rd floor of the COFCO Tower (中糧大廈) in

Causeway Bay Causeway Bay is list of buildings, sites and areas in Hong Kong, an area and Victoria Park, Hong Kong, a bay on Hong Kong Island, Hong Kong, straddling the border of the Eastern District, Hong Kong, Eastern and the Wan Chai District, Wan Chai ...

History

The legal person of the listed company had a few different names, partially due to two

reverse IPO A reverse takeover (RTO), reverse merger, or reverse IPO is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public. Sometimes, conversely, the public compa ...

The Hong Kong Parkview Group

Wong family and was the developer of

Hong Kong Parkview Hong Kong Parkview is the largest private housing estate in Tai Tam, Hong Kong. It is located at 88 Tai Tam Reservoir Road, Hong Kong Island, between Jardine's Lookout and Violet Hill. To its west is the Wong Nai Chung Gap. It is surrounded ...

, one of the largest residential project in the southern

Hong Kong Island Hong Kong Island is an Islands and peninsulas of Hong Kong, island in the southern part of Hong Kong. Known colloquially and on road signs simply as Hong Kong, the island has a population of 1,289,500 and its population density is 16,390/km ...

, the Chinese name of the real estate has a similar name with

Yangmingshan Yangmingshan National Park is one of the nine national parks in Taiwan, located in both Taipei and New Taipei City. The districts that are partially in the park include Taipei's Beitou and Shilin Districts; and New Taipei's Wanli, Jinshan, ...

, which the family business originated from that

country A country is a distinct part of the world, such as a state, nation, or other political entity. It may be a sovereign state or make up one part of a larger state. For example, the country of Japan is an independent, sovereign state, while the ...

. Wong family injected the family asset on Hong Kong Parkview, to the group by issuing new shares, made Wong family owned more than 80% interest in the group. The listed company was engaged in the charter hire of vessels until Wong family (through Chyau Fwu Development Ltd.) acquired the majority shares in 1990, from Sze Ka-Shuen (Mr. Sze) to complete a backdoor listing. The group also had numbers of properties in Hong Kong, namely 13 blocks out of 16 of Manchester Lodge, 11/F of World-Wide House (re-acquired in 2010), the freehold of Battersea Power Station, and nearly 80,000 sq.ft. of residential flat of

, a unit in the G/F of

Admiralty Centre Admiralty most often refers to: *Admiralty, Hong Kong * Admiralty (United Kingdom), military department in command of the Royal Navy from 1707 to 1964 *The rank of admiral * Admiralty law Admiralty can also refer to: Buildings * Admiralty, T ...

, which were sold back to Wong family in 2001 for HK$833,392,140 Special dividend was received by shareholders, which in turn Wong family received most, made the equity of the group fell from HK$1,277,549,366 to HK$217,339,024. The Group had a hotel project in Dingshan,

Nanjing Nanjing (; , Mandarin pronunciation: ), alternately romanized as Nanking, is the capital of Jiangsu province of the People's Republic of China. It is a sub-provincial city, a megacity, and the second largest city in the East China region. T ...

, Eastern China (Newmeadow Limited, owned 45% interests of Nanjing Dingshan Garden Hotel Co., Ltd.). In 2010, along with some properties in Shanghai (as "Gallaria Furnishing Int. Ltd.) and other assets, they were sold to parent company Kompass for HK$140,610,334. In exchange, 11/F of

World-Wide House World-Wide House is an office building in Central, Hong Kong. It is located between Connaught Road Central, Pedder Street and Des Voeux Road Central. History The site is situated on land reclaimed at the turn of the 20th century. WWH was cons ...

was bought again by the listed company from George Wong and his family for HK$289,516,400.

Joy City Property

Ownership

The holding company/majority shareholder of the group is "Kompass International Limited", which all four executive directors of the group, George Wong, Victor Hwang, Richard Hwang and Tony Hwang were the shareholders. (Wong/Hwang both were the romanization of Chinese surname ()) Moreover, the second largest shareholder, High Return Trading Limited, is owned by George Wong. Lastly, Huang Jian-quan (Huang is another romanization of the Chinese surname (, literally "Yellow")), owned 7.47% shares as of 31 March 2011, who has no known relation with the Wong family. "Multi-Power International Limited" also owned 7.47% shares, made less than 15% shares were held by the public.

Sister companies

Battersea Power Station

Hwang family also had asset around the world, such as

Battersea Power Station Battersea Power Station is a decommissioned Grade II* listed coal-fired power station, located on the south bank of the River Thames, in Nine Elms, Battersea, in the London Borough of Wandsworth. It was built by the London Power Company (LPC) ...

but sold in 2006. Despite in 1996–97 annual report the listed company announced that it acquired the rights to develop a 5-star hotel, some reports also stated that the land lease was owned by Hwang family via "Parkview International (London)" but not under the listed company, which Hwang family only leased back the development rights to the company. In 2000–01 annual report, the listed company also announced that it formed a conditional sales and purchase agreement with Limbhill Properties Limited and Parkview Int. London PLC (both held by Hwang family), to buy the land from Hwang family for £6 million (approx. HK$66,768,000). Eventually the special general meeting approved the transaction. In 2001, Hwang brothers, through Outshine Holdings Limited, bought numbers of properties from the group for HK$833,392,140, including the power station valued £7 million (approx. HK$77,300,000),Listed as "Freehold land on the eastern side of Kirtling Street at the corner of Cringle Street London SW8"2001–02 annual report

Subsidiaries

As of 31 March 2011 *Hong Kong Parkview (China) Limited *Hong Kong Parkview International Management Limited *Parkview Management Services Limited *Parkview Property Development Limited *Chyau Fwu Investment LimitedChyau Fwu is the romanization of the Chinese name of the group (), which the company holds 11/F of World-Wide House as asset

Footnotes

References

External links

* {{in lang, en, zh Companies listed on the Hong Kong Stock Exchange Land developers of Hong Kong Offshore companies of Bermuda COFCO Group