Webb-site
Serving HK since 1998


Search organisations
Search people
 Search the site
Get our free newsletter!

NEW WORLD DEVELOPMENT COMPANY LIMITED
新世界發展有限公司


Birkenhead Properties and Investments Limited v Leung Fai
HK Court of First Instance, 2-Feb-2011
An adverse possession case. The plaintiff is an associated company of New World Development Co Ltd (0017).

Conduit controversy
After watching politicians and the Government thrashing around trying to understand the aborted transactions in a small private building in Conduit Road, it is time for Webb-site to intervene and seek truth from facts. We also call for free online access to the Land Registry to increase transparency. (12-Jul-2010)

Tycoons in mercy plea for internet predator
HK Standard, 10-Mar-2010
We note that the offender's firm, H.C. Watt & Co, is auditor of only 5 listed companies including New World Development and Melbourne Enterprises (both controlled by Cheng Yu Tung) and SJM Holdings and Shun Tak Holdings (both controlled by the family of Stanley Ho). The family of the late Henry Fok is or was an investor in STDM, the controlling shareholder of SJM. Letters of mitigation support for the offender were received from Cheng Yu Tung, Pansy Ho, Daisy Ho, Timothy Fok and Henry Fok.

China Strategic bubble
We warn investors of a bubble in the stock of China Strategic, the 80% owner of the proposed buyer of Taiwan's Nan Shan Life Insurance, partly financed by a massive note issue convertible into 78bn shares at $0.10 each. We publish the placing list and analyse the names in the deal. Finally, we warn investors to avoid 7 companies in the "Chung Nam network", which has lost HK$6.2bn in 5 years. (13-Nov-2009)

Post-service Employment of Civil Servants
Watching the Leung Chin Man case, we discovered that the not-so-public register of approved employment of ex-senior civil servants is only available offline, and entries are "unpublished" as soon as people quit. This must be the only government in the world which tries to make official secrets out of public documents rather than vice versa. To improve transparency, we are now putting the register online, along with annual reports of the advisory committee from 1990 to 2003. (8-Oct-2009)

The paid advert opposing the blackout rule
Click on "Orgs" or "People" below to get a list of signatories, scroll down, then click on their names to go to the signatory you are interested in. (29-Dec-2008)

Compulsory sale of Villa Splendor, 9-12 Chun Fai Terrace
HK Lands Tribunal, 26-Feb-2007
Reveals that a company called Luck Dragon Development Ltd has a set of approved building plans with plot ratio 9, higher than the Outline Zoning Plan limit of 5 subsequently imposed. The auction reserve price was based on 5, and sure enough, there was only 1 bid and the developer subsequently built at 9x plot ratio.

NWD (0017): wins case against Tony Qu Jianping & Prediwave
Company announcement, 2-Jan-2007
Note: Webb-site urged shareholders to reject the privatisation of New World TMT Ltd last February, because of the possible recovery in this case, for which nothing was offered by NWD. We have now been proven right, and this is possibly the biggest windfall in the history of privatisations by controlling shareholders. Update: the eventual recovery by 30-Jun-2008 was HK$2025.1m, or $2.13 per TMT share, of which 79% was by 30-Jun-2007 . NWTMT was privatised at $0.75.

Breach of Listing Rules: late disclosure of large exposure to 4 customers under Practice Note 19
Company announcement, 6-Oct-2006
Note: Webb-site.com estimates that the 4 unnamed customers were groups of which the following are the parents: (1) Cheung Kong (Holdings) Ltd and Hutchison Whampoa Ltd; (2) PCCW Ltd; (3) New World Development Co Ltd; and (4) Kerry Properties Ltd.

Yeung Sai Hong & Yeung Kwok Sang sell 70% of China Step Ltd to NWD for HK$614m
Company announcement, 30-Sep-2005
China Step assembled the units of Villa Splendor, 9-12 Chun Fai Terrace, for redevelopment. 9 of the 12 floors were acquired by China Step in Jan-Apr 2005 for $146.5m, 2 of the others are under contract for purchase. With 11/12, a compulsory sale auction was triggered and NWD was the only bidder, for $508.9m.

Developers face critical shortage
In a startling development which is likely to have far-reaching implications for real estate development in Hong Kong, Webb-site.com has learned that the developer cartel has run out of a key commodity, without which, projects may no longer be marketable. (25-Feb-2005)

AGM results
Company web site, 2-Dec-2003
EGM results
Company web site, 2-Dec-2003
New World Dev AGM voting advice
A defective proxy form doesn't permit voting on the separate resolutions to elect individual directors - a clear breach of the Listing Agreement. We urge the Stock Exchange to intervene, and meanwhile, investors should vote against the 5-in-1 resolution, because of cross-directorships. We also vote against the re-appointment of joint auditors - which either involves duplication of costs or each is relying on the other's audit work. (21-Nov-2003)
New World Dev EGM voting advice
Last month, NWD did a surprise HK$1.23bn placing of new shares under the general mandate, and since then, $2.04bn has been wiped off the market value. We urge you to vote against the new issue mandate which does not comply with the Vampire recommendations and would allow HLD to do another dilutive placing. (21-Nov-2003)
Wooden Lammas
What's the connection between self-described "business broker" L.P. Lammas and internet sounding "not-com" I-Wood International, the Fujian furniture maker? We show you how to craft a GEM listing from a handful of transactions. Lammas stock has been on the rampage in Hong Kong, but you may want to stand well clear. (19-Feb-2001)

Sign up for our free newsletter

Recommend Webb-site.com to a friend

Important notice: All material on this site, except where otherwise accredited, is copyright to Webb-site.com. Media and researchers are welcome to quote from articles on this site, provided that such quotation is attributed to Webb-site.com. The information in this site should not be relied upon by any person in making any investment decision. No responsibility or liability is accepted by Webb-site.com or any person related to it for any loss arising from or in reliance upon the whole or any part of the contents of this site. Persons who are in any doubt about an investment or potential investment should take professional investment advice. From time to time parties associated with Webb-site.com may own long or short positions in securities issued by or related to companies or governments on which we comment.

Back to top