in 1965. It was reported that Cheng Yu-tung, patriarch of Chow Tai Fook Jewellery, was one of the directors of Kin Kiu Enterprises at that time. Both Kin Kiu Enterprises and Manning House were part of NWD's initial wholly-owned subsidiaries and portfolio in 1973. The 11th floor of Manning House also served as the headquarters of NWD. According to the news report, the known directors of Kin Kiu Enterprises were Young Chi-wan (; notable for King Fook Jewellery and Hotel Miramar), as well as K.W. Yue (, notable for Hotel Miramar), who also served as the chairman of the company. As of 1973, Young and his son Albert Yeung Bing-ching () were the directors of NWD, of which Young also served as one of the two vice-chairmen. As of 1986, Albert Yeung and his brother Howard Yeung Ping-leung () still served as members of the board of NWD. Albert also owned a small personal stake in NWD in 1986. New World Hotels (Holdings), formerly Kai Tak Land Investment, was incorporated in 1957 and was acquired by New World Development in October 1976. Kai Tak Land Investment's Kai Tak Commercial Building was added to NWD's rental portfolio. In October 1976, NWD also acquired privately owned Timely Enterprises. Timely Enterprises was the company that owned the American International Tower (; named after AIA Group), which was renamed (now New World Tower, tower 1) in 1980. It was the headquarters of New World Development and Chow Tai Fook Enterprises. Construction companies, such as Hip Hing Construction, , and others were acquired by NWD circa 1973. In the past, NWD also owned New World Telecommunications, one of Hong Kong's major telecommunication companies. However, the sale of NWD to competitor HKBN in 2016 was described by Financial Times as part of "the process of succession planning [of the largest tycoon families of Hong Kong] as the founders reach retirement age or pass away.". NWD also previously owned a minority stake in CSL New World Mobility. The stake was sold to the PCCW group in 2013. One-third of the share capital of Asia Television (ATV) was acquired in 1988, but the stake was sold in the 1990s. In the nearby enclave of Portuguese Macau, NWD once owned an 85% stake of Macao Water (also known as Sociedade de Abastecimento de Águas de Macau) via a joint venture with French company Suez Lyonnaise des Eaux as of