New World China Land Explained

New World China Land
Trade Name:New World China
Predecessor:Division of New World Dev.
Founder:New World Development
Type:subsidiary (formerly listed)
Traded As: (former)
Area Served:Mainland China
Key People:Henry Cheng (Chairman)
Industry:Real estate
Brands:NWCL
Revenue: HK$17 billion
Revenue Year:2014–15
Net Income: HK$3 billion
Net Income Year:2014–15
Assets: HK$134 billion
Assets Year:2014–15
Equity: HK$61 billion
Equity Year:2014–15
Owner:New World Dev.
Parent:New World Dev.
Footnotes: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

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

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

Notes and References

  1. Book: 2015 Annual Report. 16 October 2015. 10 November 2018. New World China Land. Hong Kong. 154, 156, 239.
  2. PROPOSED SEPARATE LISTING OF NEW WORLD CHINA LAND LIMITED. New World Development. Hong Kong. Hong Kong Exchanges and Clearing website.
  3. News: New World China Gets Approval to Privatize, Shares Surge. 21 March 2016. 9 November 2018. Bloomberg L.P.first=Kana. Nishizawa. limited.
  4. Data in the Hong Kong Companies Registry
  5. Book: 1999 Annual Report. December 1999. 24 December 2018. New World China Land. Hong Kong.
  6. DISCLOSEABLE TRANSACTION. 20 June 2011. 10 November 2018. New World China Land. Hong Kong.
  7. News: Luxury-Hotelier Rosewood to Be Acquired by New World China. 21 June 2011. 9 November 2018. Bloomberg L.P.url-access=limited.
  8. News: New World Development unit may manage four more Pentahotels. 5 August 2013. 9 November 2018. South China Morning Post. Hong Kong.
  9. Book: 2013 Annual Report. 18 October 2013. 9 November 2018. New World Development. 22. Joint General Managers' Report – Hotel Operations.
  10. JOINT ANNOUNCEMENT. 3 July 2015. 9 November 2018. New World Development; New World China Land. Hong Kong. Hong Kong Exchanges and Clearing website.
  11. News: New World China Land sells hotel management unit to parent Chow Tai Fook. 9 November 2015. 9 November 2018. South China Morning Post. Hong Kong. Peggy. Sito.
  12. News: New World China Land sells three projects in China to Evergrande for HK$16.36 billion. 2 December 2015. last updated on 13 July 2017. 10 November 2018. South China Morning Post. Hong Kong.
  13. JOINT ANNOUNCEMENT. 2 December 2015. 10 November 2018. New World Development; New World China Land. Hong Kong. Hong Kong Exchanges and Clearing website.
  14. Xīn-shìjiè zhōngguó dǎzào wǔhàn zhōu dàfú jīnróng zhōngxīn zhùlì jiànshè guójì huà dà dūshì. zh: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. New World China. Hong Kong. zh-hk. 11 June 2018. 14 November 2018.
  15. News: Hong Kong-Listed New World Development To Sell Unit Ramada Property For CNY1.85 Billion. 30 October 2017. 13 November 2018. Nikkei Asian Review. Tokyo. Hong Kong. Carrie. Chen. limited.
  16. Connect Transaction Disposal of entire interest in Ramada Property Ltd.. 27 October 2017. 14 November 2018. New World Development. Hong Kong. Hong Kong Exchanges and Clearing website.