New World China Land Limited is a wholly owned subsidiary of Hong Kong-based conglomerate

New World Development New World Development Company Limited (NWD), is a Hong Kong-based company focused on property developer in Hong Kong, property, hotels, infrastructure and services and department stores. It was established on 29 May 1970 by Cheng Yu-tung. The ...

, itself part of

Chow Tai Fook Chow Tai Fook group is a Hong Kong–based, privately-owned conglomerate with holdings in the jewellery, property development, hotel, department store, transportation, energy, telecommunications, port, casino, and other businesses. Despite the ...

group. New World China Land was spin off from New World Development in 1999 as a separate listed company. However, it was privatized again by New World Development in 2016. New World China Land is headquartered in 9/F, New World Tower 1, on 8

Queen's Road Central Queen's Road is a collection of roads along the northern coast of Hong Kong Island, in Hong Kong, within the limit of Victoria, Hong Kong, Victoria City. It was the first road in Hong Kong, constructed History of Hong Kong (1800s–1930s), by t ...

, Hong Kong Island.

History

New World China Limited is a company incorporated in the

Cayman Islands The Cayman Islands () is a self-governing British Overseas Territory—the largest by population in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the ...

as an exempted company, the

legal Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior,Robertson, ''Crimes against humanity'', 90. with its precise definition a matter of longstanding debate. It has been vario ...

name for the

offshore company The term "offshore company" or “offshore corporation” is used in at least two distinct and different ways. An offshore company may be a reference to: * a company, group or sometimes a division thereof, which engages in offshoring business pro ...

in that territory, on 28 August 1996. The company was registered in Hong Kong as a "registered non-Hong Kong company" on 17 May 1999. It became a listed company on 16 July 1999 as New World China Land Limited, which owned the China part of the

real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...

division of

(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) New World Hotels (Holdings) Limited, formerly known as Kai Tak Land Investment Limited, is a former Hong Kong-listed company and currently a wholly owned subsidiary of New World Development. History The company was incorporated as Victoria Park ...

, a former listed company of NWD Group. In 2011, New World China Land, via New World Hotel Management (BVI) Limited,

trading as Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market (economics), market. An early form of trade, barter, s ...

New World Hospitality, acquired the hotel management company

Rosewood Hotels & Resorts Rosewood Hotels & Resorts is an international luxury hotel and resort company operating 28 hotels in 16 countries, currently owned by Hong Kong-based Rosewood Hotel Group (formerly New World Hospitality and rebranded in May 2013). It was founde ...

for US$229.5 million (approx. HK$1.79

billion Billion is a word for a large number, and it has two distinct definitions: *1,000,000,000, i.e. one thousand million, or (ten to the ninth power), as defined on the short scale. This is its only current meaning in English. * 1,000,000,000,000, i.e ...

). In 2013, New World Hospitality (New World Hotel Group) was renamed to

Rosewood Hotel Group Rosewood Hotel Group, also known for its former trading names New World Hotel Group, New World Hospitality and legal names New World Hotel Management (BVI) Limited, New World Hotel Management Limited is a Hong Kong-based multi-national hotel ma ...

. 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 Chow Tai Fook group is a Hong Kong–based, privately-owned conglomerate with holdings in the jewellery, property development, hotel, department store, transportation, energy, telecommunications, port, casino, and other businesses. Despite the ...

for HK$1.96 billion. According to the press release, it included Rosewood and two other brands New World and penta. In December 2015, New World China Land sold three portfolios to fellow Chinese developer

Evergrande Group The China Evergrande Group is the second largest property developer in China by sales. It is ranked 122nd on the ''Fortune'' Global 500. It is incorporated in the Cayman Islands, a British Overseas Territory, and headquartered in the Houhai F ...

, for

RMB The renminbi (; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 2022. ...

13.5 billion (HK$16.36 billion). In 2016 New World China Land was privatized by New World Development.

Legacy

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 Wuhan CTF Finance Center also known as Wuhan Chow Tai Fook Finance Centre () is a supertall skyscraper that is planned to be built in Wuhan, Hubei, China. The tower was originally set to be China's tallest, surpassing Shanghai Tower when comple ...

. Also, New World Development (China) Limited is a live subsidiary of the NWD group, which sold two hotels in 2017.

References

External links

* Companies formerly listed on the Hong Kong Stock Exchange Holding companies established in 1996 1996 establishments in the Cayman Islands 1999 establishments in Hong Kong Real estate companies of China Civilian-run enterprises of China New World Development subsidiaries Offshore companies of the Cayman Islands Holding companies of Hong Kong {{HK-company-stub

History

Legacy

See also

References

External links