机构投资者评论Institutional Investor Review：资本向善 专业求真 有温度 有态度
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Early this morning (September 26), New World Development (00017. HK), New World Department Store China (00825.HK) HK) announced the suspension of trading at the same time, pending the release of certain internal information about the company.
Just now, New World Development (00017. HK), New World Department Store China (00825.HK) HK), Chow Tai Fook (01929. HK), NWS Holdings (00659.HK) have issued announcements, the most important of which is,.
According to the general review of the IIR, according to the unified statement of the announcement, Adrian Cheng will devote more time to public service and other personal matters.
The changes are all effective today (26 September 2024).
IIRAccording to New World Development's announcement, Adrian Cheng has resigned as the chief executive officer of New World Development and has been re-designated from an executive director and executive vice chairman of the company to a non-executive director and non-executive vice chairman of the company, and no longer serves as a member of the executive committee and the chairman and member of the sustainability committee.
Mr. Ma Siu-Cheung has been appointed as the Chief Executive Officer of New World Development and a member and Chairman of the Sustainable Development Committee.
New World Development will resume trading tomorrow morning.
IIRAccording to the announcement of NWDS China, Adrian Cheng resigned as a non-executive director and chairman and ceased to be a member of the remuneration committee; Mr. Cheung Hui Re, an Executive Director, has been appointed as the Chairman of NWDS China, and Mr. Ma Siu-Cheung has been appointed as an Executive Director and a member of the Executive Committee and the Remuneration Committee.
NWDS China will resume trading tomorrow morning.
IIR: According to the announcement just issued by Chow Tai Fook and NWS Holdings, Adrian Cheng resigned as an executive director of Chow Tai Fook and resigned as a non-executive director of NWS Holdings.
IIR has previously featured a number of articles about the Cheng family in Hong Kong.
The Cheng family originated from Cheng Yu Tung and is now in its third generation. Cheng Yu-tung's eldest son, Cheng Kar-Chun (Henry), was born in 1946, and his eldest son Adrian Cheng (Adrian) was previously highly regarded by Cheng Yu-tung, who launched K11 Art Mall in Tsim Sha Tsui, Hong Kong in 2009, and has since ventured into VC investment, and is considered to be the third generation of the family.
IIR Note: In 2008, the financial crisis in Hong Kong, Hong Kong's retail industry was depressed, in the predicament at that time, Adrian Cheng found that the biggest obstacle to the retail industry was too similar after researching VIP customers, so he used the humanities + art + nature "integration" way to create K11 Art Mall, Tsim Sha Tsui K11 is the first project under the K11 brand, as of the end of last year, the occupancy rate of the shopping center was nearly 100%.
"C Capital", founded by "Hong Kong tycoon Adrian Cheng", is going to be "merged and listed" in Switzerland IIR
However, at the end of last year, Cheng Kar-chun, who had retired for nearly 6 years, publicly stated that the family successor was still under observation and did not insist that a successor must be selected from within the family; If there is no suitable family member, you can recruit from outside.
According to IIR inquiries, at the end of last year, New World Development announced that Ma Siuxiang, the former executive director of the Group, was appointed as the company's chief operating officer (effective from January 1, 2024); In addition, Mr Ma will assist the then Executive Vice Chairman and Chief Executive Officer, Adrian Cheng, in the day-to-day management and operation of the Group's Hong Kong operations.
Ma Siu-Cheung, 61, was the Under Secretary for Development and the Secretary for Development of the Hong Kong Government and the Acting Chief Executive Officer of the Hong Kong-Shenzhen Innovation and Technology Parks Limited before joining New World in 2018.
In the second half of 2018, Ma Siuxiang joined NWS Holdings and was soon promoted to Chief Executive Officer of NWS Holdings (Cheng Chi-ming, co-CEO of NWS Holdings, is the second son of Cheng Kar-Shun and the younger brother of Adrian Cheng; NWS Holdings also announced yesterday that it intends to change its name to "Chow Tai Fook Creation"). In early 2024, Mr Ma was appointed Chief Operating Officer of New World Development.
Today, Mr. Ma Siu Cheong has signed a three-year contract with New World Development and a two-year contract with NWDS China for the period from 26 September 2024 to 30 June 2026.
What is more noteworthy seems to be that Ma Shaoxiang became an external director of China Resources Group in 2022; China Resources Land and China Resources Longdi, both subsidiaries of China Resources Group, have also signed cooperation agreements with New World Development or appear to have frequent interactions.
At the end of last year, New World Development and China Resources Land signed Hong Kong's first Northern Metropolis Project Co-operation Agreement, agreeing to jointly develop residential projects in the Northern Metropolis.
At the end of August this year, there were rumors in the market that China Resources Group's "China Resources Longdi" was in a negotiation for the purchase of K11 Art Mall by New World Development for about HK$9 billion (the relevant parties did not comment on the rumors).
China Resources Longdation, a subsidiary of China Resources Group, was formerly known as "China Resources Property" and officially changed its name in August 2023. CR Longdi is committed to realizing a new model of "dual investment-driven with both light and heavy assets", and "asset management" is the key area for it to strengthen.
Recently, CR Longdi has been actively increasing its commercial property asset pool, and it seems to have become one of the most high-profile commercial asset "buyers" in Hong Kong.
Since the beginning of this year, CR Longdi has successfully acquired two retail properties, including Kwai Fong Hui Pedestal Shopping Centre in the New Territories (GFA) acquired for HK$310 million earlier this year (GFA) at the beginning of this year, and Greenwich Village and Car Park (GFA) at Lam Tong Aozhong, Tseung Kwan O, which was acquired for HK$540 million in July this year (GFA of about 102,500 sq ft).
CR Longdi is promoting the creation of a local community business brand based on "Brim 28", so it has injected the "Brim 28" brand into Greenwich Village, renamed "BRIM 28", and has also renamed Kwai Fong Hui as "Brim Box", corresponding to the Brim 28 "Sink" series and the Brim Box "Hui" series respectively.
Also today, New World Development announced its annual results for the year ended 30 June 2024.
IIR According to the announcement, New World Development's consolidated revenue from continuing operations during the year was HK$35.782 billion, and the core operating profit was HK$6.898 billion, down 34% and 18% year-on-year respectively. gross profit from continuing operations was HK$12.849 billion, down 22% year-on-year; Loss attributable to shareholders from continuing operations was HK$11,807 million (the first loss for NWD in nearly 20 financial years).
During the period, Hong Kong property development revenue was HK$2,412 million, Hong Kong investment property income was HK$3,356 million and segment results were HK$2,536 million, and the operational efficiency of K11 MUSEA and K11 Art Mall in Tsim Sha Tsui increased.
During the period, the property development income in Chinese mainland was HK$13.713 billion, the property investment income in Mainland China was HK$1.841 billion, and the segment performance was HK$955 million, and the overall property contract sales in Mainland China were RMB12.48 billion, with the southern region led by the Greater Bay Area and the eastern region led by the Yangtze River Delta region contributing the most, contributing more than 85%.
In fact, there is a real need to sell assets to reduce debt, and it is continuing to recoup funds by selling or divesting non-core assets and businesses.
In March 2024, New World Development sold its entire interest in the shopping mall and car park in Tsuen Wan, Hong Kong for HK$4.02 billion, and in August 2024, it sold a 30% stake in Tiande Development to Chow Tai Fook for HK$1.44 billion.