Hsin Chong
| Company type | Public |
|---|---|
| Industry | Construction and civil engineering |
| Predecessor | Hsin Chong & Company |
| Founded | 1939 in Hong Kong |
| Founder | Godfrey Yeh Kan-Nee, Chien Chu-Keng |
| Fate | Insolvency and contract termination in 2018 |
| Headquarters | Hong Kong , Hong Kong |
Area served | Hong Kong, Mainland China |
Key people | Lin Zhuo Yan (Chinese billionaire, controller) |
| Products | Construction services, real estate development |
| Owner | Lin Zhuo Yan (control transferred from Yeh family) |
Hsin Chong Group Holdings Limited (新昌營造集團有限公司; ), commonly known as Hsin Chong (新昌), was a prominent construction firm headquartered in Hong Kong.
History
Established in 1939 in Hong Kong under the name Hsin Chong & Company by Godfrey Yeh Kan-Nee and Chien Chu-Keng, the enterprise originated from Yeh’s construction experience in Shanghai. Geoffrey Yeh Meou-Tsen, Yeh’s son, became part of the business in 1955. Philip, son of Chu-Keng, briefly contributed to Hsin Chong before founding his own company.
The firm became publicly traded on the Hong Kong Stock Exchange in 1991. During the late 1990s, Hsin Chong was embroiled in a short-piling controversy, which led to a prohibition on participating in government tenders between 1999 and 2002.
Recent developments
Control of Hsin Chong transferred to Chinese billionaire Lin Zhuo Yan from the Yeh family. The company pursued growth in mainland China’s real estate sector, notably acquiring assets in Sanshui city for HK$10.625 billion in May 2014.
In 2016, reports suggested Lin utilized Hsin Chong as a vehicle for unprofitable projects. The firm faced scrutiny over acquisitions made at inflated values. Although its operations in Hong Kong remained lucrative, Hsin Chong posted a HK$2.7 billion deficit that year, largely driven by a HK$4.4 billion loss tied to mainland property ventures. Share trading was halted in April 2017.
By early 2017, Hsin Chong had outstanding payments totaling HK$500 million owed to subcontractors in Hong Kong, resulting in project delays such as those affecting the M+ Museum. The company’s HK$5.9 billion contract with the West Kowloon Cultural District Authority for constructing the M+ Museum was terminated in August 2018 due to insolvency and performance concerns, which management contested.