1987. The stake of the intermediate parent company of Macao Water was transferred to listed subsidiary New World Infrastructure in 1997. The same French company had attempted to acquire Companhia de Electricidade de Macau (CEM) from Sociedade de Turismo e Diversões de Macau in 1987, by forming a joint venture with a company owned by Cheng Yu-tung . The stake of the aforementioned water and electricity joint venture, Sino-French Holdings (Hong Kong), held by Chow Tai Fook Enterpriese (CTFE), was sold to the listed second-tier subsidiary of CTFE, New World Infrastructure, in 1997 for HK$1 billion The stake in Sino-French Holdings (Hong Kong) was then transferred to another listed subsidiary NWS Holdings. The indirect stake in CEM was sold in 2014. As of 2018, New World Development owned 16 hotels, but most of them have been closely associated with a hotel management unit, Rosewood Hotel Group, that was privately owned by Chow Tai Fook Enterprises. On top of using its own resources, New World Development also partnered with parent company Chow Tai Fook group on a number of redevelopment projects, such as the acquisition of a 90% stake in Kut Cheong Mansion () in North Point in the 2010s. Chow Tai Fook Enterprises, via Sunbig Limited, sold a 40% stake in the aforementioned Kut Cheong Mansion to New World Development for HK$1.779 billion in January 2015. In 2010, the Chinese translation of a book, Land and the Ruling Class in Hong Kong, popularized the term to describe Hong Kong's real estate tycoon families. The combined Chow Tai Fook–New World Development group was one of the families described in the book. The owners of the Chow Tai Fook–New World Development group, the Cheng Yu-tung family, has been sometimes considered one of the four big tycoon families of Hong Kong. NWS Transport Services NWS Holdings, via NWS Transport Services, owned Citybus and New World First Bus, two of the franchised bus service providers in Hong Kong. The two companies operate as a monopoly on the bus routes of Hong Kong Island, as well as some of the cross-harbour routes. In the past, Citybus was owned by British company Stagecoach Group. In 2003 Chow Tai Fook Enterprises, via wholly-owned subsidiary Delta Pearl Limited, acquired the bus company for HK$1,646 million, plus the refurbishment of Citybus' debt to third parties which amounted to HK$554 million. In 2004, ownership was transferred to NWS Transport Services,