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New World Development

New World Development’s latest earnings guidance reflects the property sector’s struggles, as a downturn persists in the residential markets of Hong Kong and the mainland. Photo: Shutterstock

NWD to post US$2.4 billion loss in past financial year amid property sector woes

A non-cash impairment loss of up to HK$9.5 billion will not have any impact on its core operating profit or operating cash flow, NWD said.

A non-cash impairment loss of up to HK$9.5 billion will not have any impact on its core operating profit or operating cash flow, NWD said

Chow Tai Fook Enterprises appoints 3 co-CEOs to lead growth

NWD makes progress on cutting debt with repayments, refinancing

Prada to open huge outlet in Hong Kong’s K11 Musea after years of downsizing

The two-storey outlet in New World’s harbourfront luxury mall will be the Italian brand’s first in Hong Kong since it closed its flagship store in Causeway Bay in 2020.

Prada operated its Hong Kong flagship store in Causeway Bay until 2020. Photo: Martin Chan

Exclusive | Affordable homes will give Hong Kong youth chance to soar, housing chief says

Housing secretary says boost in home ownership through increased number of affordable flats will be a significant incentive for the young.

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Hong Kong developers keep pricing flats to move amid supply glut

New price lists from New World Development, Far East Consortium and Early Light International undercut recent nearby sales by up to a third amid buyer’s market – for those who can stomach the interest rates.

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New World’s scion Adrian Cheng lists C Capital on Swiss exchange

Cheng will sell his unit C Capital to Youngtimers, a special situation investment firm that has been listed since 2000 on the SIX exchange.

Adrian Cheng Chi-kong, chief executive officer and executive vice chairman of New World Development, during the Hong Kong Fintech Week on October 31, 2022. Photo: Bloomberg

Hong Kong’s New World, Far East primed for sell-out at Pavilia Forest I amid strong demand

This weekend’s sale show how the city’s property developers continue to cough up significant discounts to entice homebuyers.

Hong Kong developers slash Kai Tak flat prices to 8-year low to drum up sales

Hong Kong’s recent property launches have been discounted by as much as 10 per cent, compared with similar projects in 2015, according to data tracked by JLL.

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New World sells Qianhai tower stake to its parent for US$198 million

The conglomerate sold a 30 per cent stake in the North tower of the Shenzhen Qianhai Chow Tai Fook Finance Centre to parent Chow Tai Fook Enterprises.

A rendering image of the North tower of the Shenzhen Qianhai Chow Tai Fook Finance Centre. New World Development sold a stake for HK$1.5 billion. Photo: SCMP

New World touts US$4.5 bn in loans, debt payments as proof of health

Company says it has secured multiple low-cost new loans to replenish its liquidity and increase the proportion of yuan loans as it seeks to control financing costs.

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Miami Quay, jointly developed by Wheelock Properties, Henderson Land, New World Development and Empire Group, at Kai Tak, Hong Kong, pictured on August 5, 2022. Photo: Jonathan Wong

Exclusive | New World and China Merchants Shekou to develop Northern Metropolis project

The mixed-use project, close to Fanling and Sheung Shui, will include a residential component with some 2,000 flats. It will cover 150,000 sq ft and will have a total buildable floor area of over 1 million sq ft.

New World Development puts 18 units up for sale at Cheung Sha Wan office tower

The first 18 office units have been priced from HK$7.2 million to HK$22.7 million, or around HK$12,000 to HK$14,000 per square foot, NWD said in a statement on Thursday.

Sonia Cheng on mission to transform Hong Kong’s Chow Tai Fook jewellery chain

Jewellery chain Chow Tai Fook promises more technology-led shopping because ‘that’s what younger customers want’.

Chow Tai Fook Jewellery Group’s vice-chairwoman and executive director, Sonia Cheng, is on a mission to revamp the chain to prepare it for its second century in business. Photo: May Tse

Wealth for Good: Hong Kong launches project linking charities with donors

‘Impact Link’, or iLink, underscores Hong Kong’s determination to harness its strengths and resources to drive positive change and to assist family offices in using ‘wealth for good’, Financial Secretary Paul Chan says.

Delegates at the summit would have learned ‘more about Hong Kong, about why Hong Kong is the pre-eminent choice’ for family offices, Chief Executive John Lee Ka-chiu says. Photo: Handout

Hong Kong property: Henderson’s Gateway Square Mile sees modest sales

New home sales in Hong Kong stuttered slightly on Friday, with buyers giving a lukewarm response to Henderson Land Development’s latest project in Tai Kok Tsui.

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Buyers snap up new flats in Kowloon Bay project as curb-free market rebounds

Some 238 of the 336 units available in the first batch at Uptown East in Kowloon Bay, worth about US$179 million, found buyers as of 6pm on Sunday, in a sign that the removal of all market-cooling measures has revived demand in Hong Kong.

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SHKP in pole position to benefit from Hong Kong’s property easing measures

Hong Kong’s largest developer by market capitalisation is being tipped by analysts to emerge as the ‘prime beneficiary’ of the city’s removal of all property cooling measures.

Residential housing in Hong Kong’s Yau Tong, as seen from the city’s Quarry Bay district. SHKP is controlled by the Kwok family and is widely regarded as a ‘proxy’ for the Hong Kong property sector, according to DBS Group Research. Photo: May Tse

New World sells Hong Kong mall in Tsuen Wan to Chinachem for US$510 million

New World Development has agreed to sell its shopping centre and parking spaces in Tsuen Wan to Chinachem Group for US$510 million, speeding up asset sales to trim its financing costs.

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NWD to tap improved sentiment by bringing property launches forward

NWD plans to launch 2,500 units ahead of schedule to capture the improved sentiment unleashed by the withdrawal of all property curbs in Hong Kong after posting a profit decline for the six months ending on December 31.

Which of Hong Kong’s high earners are set to fork out under new salary tax regime?

City leader John Lee is the only government official set to contribute extra to public coffers under finance chief’s plan to introduce two-tiered standard rates tax regime.

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The Hong Kong government aims to introduce the two-tiered standard rates tax regime this year. Photo: Sam Tsang

What’s the buzz over Hong Kong budget? Is it time to buy flat, who pays more tax?

Property agents say they expect sales to increase as a result of the end of curbs.

An estate agent in Jordan puts up a sign to highlight the removal of curbs on the property market after the budget statement. Photo: Jelly Tse

Hong Kong developers urge government to remove all property cooling measures

Hong Kong developers have joined a chorus urging the government to remove all the remaining cooling measures to revive the property sector.

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Hong Kong’s HK$7.8 million handout for ‘Chubby Hearts’ sparks transparency call

Transparency call comes after it was revealed on Friday organisers of the ‘Chubby Hearts’ were in line for HK$7.8 million in government cash.

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‘Chubby Hearts’ organiser says it hopes art project can spread love in Hong Kong

Anya Hindmarch-designed giant heart-shaped balloons will float in Central’s Statue Square Gardens and elsewhere from Valentine’s Day until February 24.

A couple takes selfies in front of a “Chubby Hearts” art installation by fashion designer Anya Hindmarch in Lam Tsuen, Tai Po, on Valentine’s day. Photo: Eugene Lee

Hong Kong’s Cheng family seeks to oust Giordano CEO after failed buyout

The family of Henry Cheng, Hong Kong’s third-richest person, wants to replace CEO Peter Lau with Colin Currie and also appoint two of Henry’s children, Sonia and Christopher, as non-executive directors.

A Giordano outlet in Hong Kong’s Central district is seen in this file photo from September 2022. Photo: Jonathan Wong

CR Land backs Hong Kong’s development with Northern Metropolis property JV

A HK$10 billion property development venture in the city’s Northern Metropolis indicated Beijing-controlled China Resources Land’s support for Hong Kong’s economic development, the chief of the state-backed company said.

Exclusive | China Resources teams up with New World to develop Hong Kong’s Northern Metropolis

The state-controlled conglomerate joined forces with Hong Kong’s New World Development on a venture worth US$1.28 billion in the city’s Northern Metropolis mega project, according to sources familiar with the matter.

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New World Development
New World Development is a Hong Kong conglomerate that deals in property, infrastructure, transport and telecommunications. It is owned by Chow Tai Fook, a holding company led by businessman Cheng Yu-tung.
last updated:
21 August, 2024
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