and Kwai Ping-hung were arrested in 1996 and 2003, respectively. New World Development New World Development is one of the leading property developers based in Hong Kong. It has been listed on the Hong Kong stock exchange since 23 November 1972. The initial public offering price was HK$2, issuing about 96.75 million of new shares. The shares were initially traded in 3 out of the 4 exchanges of Hong Kong, namely the Hong Kong Stock Exchange, and Kam Ngan Stock Exchange, the predecessors of the current Stock Exchange of Hong Kong. As of 2018, New World Development is the parent company of listed companies NWS Holdings (, listed since 1997), New World Department Store China (, listed since 2007) and former listed companies New World Hotels (Holdings) (acquired in 1976, privatized in 1990), and New World China Land (listed in 1999, privatized in 2016). New World Development also owned former listed companies NW China Investment (listed in Ireland, privatized), New World Infrastructure (listed in 1995, privatized as New World TMT), and Renaissance Hotel Group (listed in 1995, sold in 1997). As of 1986, Chow Tai Fook Enterprises (CTFE) owned 466,927,948 shares in New World Development, or about 43% of the issued share capital. As of 2018, CTFE still owned 44.41% shares of NWD, or 4,535,634,444 shares. New World Development started its expansion in the 1970s with the acquisition of numerous properties and companies. The flagship property, New World Centre was built on the former site of Holt's Wharf, a former godown terminal that was owned by British companies Swire Group and Blue Funnel Line. In the first financial year after the initial public offering in November 1972, NWD had acquired 23 sites by paying HK$110 million in cash, and about 101 million new shares with a par value of HK$1 each. The issue of new shares and the acquisitions of the holding companies of properties such as Kowloon Town Development Company Limited (not to be confused with Kowloon Development Company) were completed in the 1973–74 financial year. The company also formed joint ventures with fellow developer Sun Hung Kai Properties (SHK) and non-profit organisation Tung Wah Group of Hospitals. Kwok Tak-seng, patriarch of SHK, also served as a director of New World Development from the 1970s until his death in 1990. One of the initial rental holdings of NWD, Manning House, was in fact developed by Kin Kiu Enterprises ()