The “unexpected” appointment of Echo Huang Shaomei as the new CEO of New World Development (NWD) has raised concerns about whether she is the right person to lead one of Hong Kong’s most leveraged developers out of a tight spot. Analysts have serious doubts about the situation NWD currently finds itself in, including Huang’s leadership…
New World Development (NWD) has sold its stake in Hong Kong’s largest sports infrastructure project to parent Chow Tai Fook Enterprises (CTFE), as the developer takes steps to rein in debt after posting its biggest-ever loss. NWD sold a 100 per cent equity interest in New World Sports Development, the developer of Kai Tak Sports…
A Hong Kong worker has died after being hit by a falling cage lift suspected to have been caused by a machine malfunction at a residential project construction site. Police said on Saturday the 41-year-old man lost consciousness after he was crushed by the cage lift while trying to move items at the site of…
Hong Kong developers are showing greater confidence in the city’s market outlook following a series of support measures. A consortium including Wheelock Properties and New World Development is offering smaller discounts for their new units in Kai Tak after buyers returned in droves. At Double Coast I, the two developers and their partners China Overseas…
Hong Kong’s success has always been in its openness to opportunity and willingness to try new things. This “can-do” spirit may now seem a bit canned in expression, but the truth of it remains – Hong Kong cannot afford to lose its appetite for risk. It was what made us a cultural icon in the…
Property deals in Hong Kong fell to a seven-month low in September as homebuyers and investors stayed on the sidelines awaiting the start of a policy easing cycle, analysts said. “Major developers have been preparing to launch projects to capture the pent up demand following the interest rate cut,” said Eddie Kwok, the executive director…
Adrian Cheng steps down as CEO of New World Development on Thursday. Paul Yeung/Bloomberg Adrian Cheng, the third-generation scion of Hong Kong’s billionaire Cheng family, said on Thursday he had stepped down as CEO of the family’s flagship New World Development, after the property company recorded its first annual loss in two decades as it…