New World Development

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Hong Kong-based property company

title: "New World Development" type: doc version: 1 created: 2026-02-28 author: "Wikipedia contributors" status: active scope: public tags: ["new-world-development", "conglomerate-companies-of-hong-kong", "land-developers-of-hong-kong", "conglomerate-companies-established-in-1970", "1970-establishments-in-hong-kong", "companies-listed-on-the-hong-kong-stock-exchange", "companies-in-the-hang-seng-index", "family-owned-companies-of-hong-kong"] description: "Hong Kong-based property company" topic_path: "general/new-world-development" source: "https://en.wikipedia.org/wiki/New_World_Development" license: "CC BY-SA 4.0" wikipedia_page_id: 0 wikipedia_revision_id: 0

::summary Hong Kong-based property company ::

::data[format=table title="Infobox company"]

Field	Value
name	New World Development Company Limited
新世界發展有限公司
logo	New_World_Development_Logo.svg
image	New World Tower.jpg
image_caption	Headquarters at New World Tower
type	Public Company
traded_as
industry	conglomerate
founder	Cheng Yu-tung
key_people	Henry Cheng (Chairman)
Ma Siu Cheung（Chief Executive Officer）
products	Real property, Hotel, Infrastructure and Services, General merchandise
revenue	HK $59,6 billion (as of financial year 2016)
owner	Chow Tai Fook Enterprises Limited
num_employees	About 50,000 people (as of financial year 2014)
location
Central, Hong Kong
subsid
homepage
::

| name = New World Development Company Limited 新世界發展有限公司 | logo = New_World_Development_Logo.svg | image = New World Tower.jpg | image_caption = Headquarters at New World Tower | type = Public Company | traded_as = | industry = conglomerate | founder = Cheng Yu-tung | key_people = Henry Cheng (Chairman) Ma Siu Cheung（Chief Executive Officer） | products = Real property, Hotel, Infrastructure and Services, General merchandise | revenue = HK $59,6 billion (as of financial year 2016) | owner = Chow Tai Fook Enterprises Limited | num_employees = About 50,000 people (as of financial year 2014) | location = Central, Hong Kong | subsid = | homepage = | order = ts | t = 新世界發展有限公司 | s = 新世界发展有限公司 | j = san1 sai3 gaai3 faat3 zin2 jau5 haan6 gung1 si1 | p = Xīn Shìjiè Fāzhǎn Yǒuxiàngōngsī New World Development Company Limited (NWD) is a Hong Kong–based company focused on property, hotels, infrastructure and services and department stores. It was established on 29 May 1970 by Cheng Yu-tung. The company is publicly listed on the Stock Exchange of Hong Kong Limited (SEHK: 17) since 23 November 1972 and was formerly a constituent stock of Hong Kong Hang Seng Index.

Over the last four decades, the group has also actively participated in various businesses in Mainland China and established itself as one of the largest foreign direct investors in the country. The group's existing investments in Mainland China has exceeded US$16.5 billion, spreading across four municipalities and over 19 provinces.

History

New World Development was founded on May 29, 1970, with Dr. Ho Sin Hang as chairman and Cheng Yu-tung as Director and General Manager. The group went public on the Stock Exchange of Hong Kong Limited (SEHK) (SEHK: 17) in 1972.

Group reorganization

To bring together infrastructure projects in Hong Kong and Mainland China, New World Infrastructure Limited (NWI) was created and listed on SEHK (SEHK: 301) in October 1995. New World Services Limited (NWS) was then formed in April 1997 to integrate the group's service-related businesses. By July 1999, New World China Land Limited (NWCL) was launched to consolidate the group's property projects in Mainland China and was listed on SEHK (SEHK: 917).

In September 2001, NWS purchased all outstanding shares of Ngo Kee Construction Company Limited. A year later, Pacific Ports Company Limited (PPC) acquired NWI and took ownership of NWS from NWD.

Reorganization of New World Group was finalized in January 2003. Following a name change from Pacific Ports Company Limited, NWS Holdings Limited emerged as the group's service flagship, overseeing operations in services, infrastructure, and ports across Hong Kong, Macau, and Mainland China. All group shares were consolidated under NWS Holdings Limited, which then commenced trading on SEHK.

Recent developments

New World Department Store China Limited (SEHK: 0825) went public on SEHK in July 2007. The Guangzhou Dongxin Expressway—in which NWS Holdings owned a 40.8% ownership stake—officially inaugurated in December 2010.

In April 2015, NWD formed a 50-50 joint venture with HIP Company Limited, a subsidiary of The Abu Dhabi Investment Authority, to acquire the Grand Hyatt Hong Kong, Renaissance Harbour View, and Hyatt Regency TST with a deal valued at HK$18.5 billion, resulted in NWD receiving approximately HK$10 billion. NWD then launched its new healthcare brand, Humansa, and acquired FTLife in November and December 2018, respectively.

In October 2020, the group revealed plans to conserve Hong Kong's 68-year-old State Theatre, a Grade I historic site, partnering with local and international designers and artisans. In that month, the group began selling THE PAVILIA FARM I, attracting 22,700 registrations in the first round, the highest for any residential property in Hong Kong since 1997. The group also committed over HKD 10 billion to create a large-scale cultural and retail complex in Prince Bay, Shenzhen.

In November 2020, NWD named its mixed-use development project within the SKYCITY complex at the Hong Kong International Airport "11 SKIES". NWD established Share for Good, Hong Kong's first large-scale crowd-donation platform in March 2022, to meet the immediate needs of the impoverished in the fifth wave of COVID-19. In collaboration with Rafa Nadal Academy, Hong Kong Golf & Tennis Academy welcomed Asia's first Rafa Nadal Tennis Center in July 2022.

NWD collaborated with 4 corporations in July 2023 to establish the first "Smart Community" in a transitional housing complex. NWD signed Hong Kong's first "Project Cooperation Agreement regarding Northern Metropolis" in December 2023, to develop a commercial and residential project in the Northern Metropolis with CR Land.

In 2024, NWD reported a HK$19.7 billion net loss for the year ended 30 June, the worst since the company was founded in 1970. Adrian Cheng Chi-Kong, the grandson of Cheng Yu-tung, was forced to step down as CEO in September. In December, NWD was kicked out of the Hang Seng Index (HSI). In the same month of being kicked out of HSI, Debtwire reported that NWD have sent out a letter to its bank lenders, seeking a waiver on loan conditions. NWD was seeking forbearance, after its net debt-to-assets ratio breached the 100 per cent threshold that may allow its lenders to recall their loans.

Organization

The head office is in the in Central, Hong Kong.

New World Development owns listed companies NWS Holdings and New World Department Store China. New World China Land Limited is wholly owned by New World Development. The company also owned former listed company New World Hotels (Holdings). Rosewood Hotel Group, an hotel management company, is a former subsidiary of NWD group.

New World Development and sister listed company Chow Tai Fook Jewellery Group are both majority owned by privately owned Chow Tai Fook (Holding).

New World Development Company Limited is one of the Hong Kong companies who have a large landbank. As at 31 December 2014, the group had a landbank of around 9.25 million sq ft, of which around 5.3 million sq ft was residential property. The group had a total of approximately 18.3 million sq ft of attributable agricultural land reserve pending for conversion.

Cultural values

The group's brand personality is defined by “The Artisanal Movement”, which is described as a journey that expands imagination beyond mere aesthetics, focusing on the creation of a modern living culture rooted in originality and bespoke craftsmanship. It encourages its staff to think creatively and develop unique ideas that enhance customer experiences.

The five core elements are:

Imagination
Bespoke
Craftsmanship
Heritage
Contemporary

These elements collectively aim to foster a culture that values human creativity, sustainability, and social responsibility.

Core business

Properties

Source:

Major properties for sale in Hong Kong

The Pavilia Farm
Mount Pavilia
The Pavilia Forest
Atrium House
Double Cove Starview
The Pavilia Bay
The Reach

Major properties for lease in Hong Kong

Source:

83 King Lam Street
ARTISAN HUB
Methodist House
PARK SIGNATURE
11 SKIES
K11 Art Mall
Hong Kong Convention and Exhibition Centre, Shopping Arcade
888 Lai Chi Kok Road
New World Tower
Manning House
Mount Pavilia
K11 MUSEA
ATL Logistics Centre
KOHO
Artisan Lab
Pearl City
TIMBER HOUSE
Kai Tak Sports Park
THE FOREST
K11 ATELIER Victoria Dockside
K11 ATELIER King's Road

Other businesses

Hotels and residences

K11 ARTUS
Rosewood Hong Kong
Grand Hyatt Hong Kong
Hyatt Regency Hong Kong, Tsim Sha Tsui
Renaissance Harbour View Hotel
Hyatt Regency Hong Kong, Sha Tin

Healthcare services

Humansa

Education

Hong Kong Golf & Tennis Academy (HKGTA)

Senior leadership

Chairman: Henry Cheng (since March 2012)
Chief Executive: Echo Huang (since November 2024)

Former chairmen

Ho Sin-hang (1970–1982)
Cheng Yu-tung (1982–2012)

Former chief executives

This position was formerly known as Managing Director (until 2012) and General Manager (until 2020)

Cheng Yu-tung (1970–1989)
Henry Cheng (1989–2012)
Adrian Cheng and Chen Guanzhan (2012–2017); co-general managers
Adrian Cheng (2017–2024)
Eric Ma (2024)

Membership and loyalty program

New World CLUB

Source:

The New World CLUB is a loyalty program operated by the New World Group that offers members benefit such as exclusive discounts and events. There are currently 3 membership tiers.

::data[format=table title="Membership Tiers:{{Cite web |last=小斯 |date=2021-06-23 |title=k11 New World Club優惠申請即有$300 K11購物金額 |url=https://flyformiles.hk/36623/k11-new-world-club%E5%84%AA%E6%83%A0 |access-date=2024-09-25 |website=小斯 |language=zh-TW}}"]

Tiers	CIRCLE	VIVA
18 years old or above	Current owners or tenants of New World Residential Properties	Current owners of New World Residential Properties with total purchase price of HK$20 million or more; or Current tenants of New World Residential Properties with monthly rental of HK$60,000.









::

K Dollar Program

The K Dollar Program is a loyalty initiative developed in collaboration between New World Development, K11, and Chow Tai Fook. By becoming a KLUB 11 member and linking to the K Dollar Program account, members can earn K Dollars, which can be used as instant cash at a wide range of participating merchants. A minimum spending amount of 10 K Dollars is required for redemption. The K Dollar conversion rate varies by KLUB 11 tier: ::data[format=table title=""]

Tier	General Member	Gold Card Member	Black Card Member	K Dollar Conversion Rate
Cumulative spending HK$250 = Up to 1 K Dollars	Cumulative spending HK$250 = Up to 1.5 K Dollars	Cumulative spending HK$250 = Up to 2 K Dollars
::

The program features over 1,000 merchants throughout Hong Kong, including locations within K11 Art Mall and Victoria Dockside.

In March 2024, a feature was introduced allowing members to link their Visa cards to the K11 HK app, enabling automatic earning of K Dollars without the need to queue up at the concierge, upload receipts, or scan the QR codes. This integration is part of a multi-year partnership between New World Development (NWD) and Visa to deepen customer engagement and stimulate local spend. Upon linking their Visa cards to the K11 HK app, customers who spend with Visa can earn K Dollars automatically.

Controversies

Hung Hom Peninsula

The Hung Hom Peninsula was sold for a below-market land premium of HK$864 million to New World Development, who subsequently sold off half share to Sun Hung Kai Properties. In 2004, the consortium announced the demolition of these buildings to make way for luxury apartments, to be faced with huge popular outcry about the needless destruction of "perfectly good buildings" to satisfy "corporate greed". In an unprecedented about-turn, the developers withdrew the plan on 10 December 2004.

Leung Chin-man

Main article: Leung Chin-man appointment controversy

In 2008, New World was the subject of controversy when it announced it had hired former Permanent Secretary for Housing, Planning and Lands Leung Chin-man as deputy managing director and executive director of its China subsidiary, New World China Land Ltd. The Secretary for the Civil Service Denise Yue Chung-yee, signed off on the approval for him to take up the job within three years of leaving,{{cite news |url = http://www.thestandard.com.hk/news_detail.asp?pp_cat=11&art_id=69649&sid=20042344&con_type=1&d_str=20080805&sear_year=2008 |title = Former housing chief faces legal bid to demolish his job with developer |author = Diana Lee |newspaper = The Standard |date = 5 August 2008 |access-date = 2008-08-07 |url-status = dead |archive-url = https://web.archive.org/web/20081211062928/http://www.thestandard.com.hk/news_detail.asp?pp_cat=11&art_id=69649&sid=20042344&con_type=1&d_str=20080805&sear_year=2008 |archive-date = 11 December 2008 |df = dmy-all |url= http://www.info.gov.hk/gia/general/200808/15/P200808150232.htm |title= SCS submits report to Chief Executive on Leung Chin-man's case |author= Secretary for the Civil Service |publisher= Civil Service Bureau, Hong Kong Government|date= 15 August 2008}} New World argued that they hired Leung in good faith, after the government had given clearance. New World announced in the early hours of 16 August that the parties had agreed to rescind the contract.{{cite news |title= Ex-housing chief shocked officials didn't consider Hung Hom deal |author= Cheung Chi-fai |pages= A10 |newspaper= South China Morning Post|date= 16 August 2008}}

Avenue of Stars

The company has managed the Avenue of Stars for 11 years, and its contract is due to expire. It was announced that the Leisure and Cultural Services Department of the Hong Kong government would redevelop and expand the avenue jointly with the company. The Hong Kong government declared that the enhancement project would contain limited commercial appeal, and no luxury shops or high-end restaurants would be added. The walkway, very popular with tourists, was closed off for three years while the expansion was undertaken.

The decision to award the contract for the redevelopment to the company without putting it out to tender, on the justification that the project was non-profit, sparked controversy locally. Residents' groups and other development companies owning properties adjacent to the walk expressed discontent, whilst the LCSD claimed that consultations with the local district council had been favourable. In an apparent attempt to de-fuse the public furore at the apparent collusion between government and big business, the government promised a public consultation.

Chubby Hearts

HK$7.8 million was granted by the Hong Kong Mega Arts and Cultural Events Committee to host in February 2024 Chubby Hearts by British designer Anya Hindmarch, who has a shop in K11 Musea, a mall founded by New World Development.

References

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(2016-05-04). "新世界中国地产有限公司简介".
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"新創建廣州東新高速開通 - 香港文匯報".
(2015-04-30). "New World Development sells Hong Kong hotel stakes to Abu Dhabi investor for HK$18.5 billion".
Venna, Srivani. (2015-04-30). "New World Development to sell three hotels to Abu Dhabi Investment Authority for $2.4bn".
"信健康-- 高科技專業團隊結合醫養概念 Humansa仁山優社為熟齡及銀髮人士提供全方位專業服務".
(2018-12-28). "Hong Kong's NWS Holdings to buy FTLife Insurance for $2.8 billion".
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(2020-10-09). "New World Development launches Hong Kong project at lower-than-expected prices".
Standard, The. "Deja vu craze seen in Tai Wai home project".
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(2022-03-17). "New World's Share for Good platform fights Covid-19 with crowd donations".
"Rafa Nadal Tennis Center Hong Kong".
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(2024-12-17). "New World Development takes more beating in market as debt crisis lingers".
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(2021-09-29). "NEW WORLD DEVELOPMENT COMPANY LIMITED {{!}} HR Asia Best Companies To Work For In Asia".
Ho, David W.I.. (2016). "A Cultural Brand's Journey Toward Building A Better New World".
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(2017-06-26). "Mount Pavilia First-Ever Sculpture Park Living In Clear Water Bay".
(2024-07-13). "Hong Kong's New World, Far East primed for sell-out at Pavilia Forest I amid strong demand".
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(25 April 2024). "New World Development puts 18 units up for sale at its recently completed Cheung Sha Wan office tower".
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(26 June 2017). "Mount Pavilia First-Ever Sculpture Park Living In Clear Water Bay".
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(26 April 2022). "Asia's First Rafa Nadal Tennis Center to launch at Hong Kong Golf & Tennis Academy in Sai Kung".
HKEXnews. (2023-12-18). "Appointment Of Chief Operating Officer".
Club, New World. "New World CLUB serves as a window to explore the brand of New World "The Artisanal Movement"".
小斯. (2021-06-23). "k11 New World Club優惠申請即有$300 K11購物金額".
"Entering to the new era of spending ｜K Dollar Program".
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Staff Reporter. (2024-03-19). "NWD taps Visa to enhance loyalty rewards under the K Dollar Program".
Ng, Michael & Teddy. (11 December 2004). "Demolition of Hung Hom flats scrapped". The Standard.
(March 2024)
Fung, Fanny W. Y.. (27 August 2015). "Hong Kong Avenue of Stars expansion won't feature luxury shops or posh restaurants, top officials says amid outcry".
Fung, Fanny W. Y.. (21 August 2015). "Lights out for Avenue of Stars as iconic Hong Kong site set to shut down for three years despite public outcry".
Kammerer, Peter. (31 August 2015). "Public outcry over Avenue of Stars plan is a message to the Hong Kong government: No bending of the rules will be tolerated".
"Tsim Sha Tsui harbourfront enhancement plan faces opposition".
Fung, Fanny. (1 September 2015). "Hong Kong government pledges consultation on controversial Avenue of Stars revamp".

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