Joy City Property
| Formerly |
| ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Company type | Public company | ||||||||
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| Genre | Property Development | ||||||||
| Founded | 28 October 1992 | ||||||||
| Founder | Hwang Chou-Shiuan | ||||||||
| Headquarters | Hong Kong (de facto) Bermuda (incorporated) | ||||||||
Key people | Zhou Zheng (Chairman) | ||||||||
| HK$ 41,774,880 (2010–11) | |||||||||
| HK$ 31,566,290 (2010–11)[nb 1] | |||||||||
| Total assets | HK$ 366,102,675 (2010–11) | ||||||||
| Total equity | HK$ 164,345,359 (2010–11) | ||||||||
| Parent | COFCO | ||||||||
| Website | joy-cityproperty.com | ||||||||
| Footnotes / references [nb 2] | |||||||||
Joy City Property Limited () is a company listed on the Hong Kong stock exchange and incorporated in Bermuda. It was previously known as The Hong Kong Parkview Group Ltd.
The company's main office is situated on the 33rd floor of COFCO Tower (中糧大廈) located in Causeway Bay.[1]
History
The firm experienced multiple renamings as a result of two separate reverse IPO deals.
The Hong Kong Parkview Group
The Wong family, through their enterprise Chyau Fwu, developed Hong Kong Parkview, a prominent residential complex on the southern part of Hong Kong Island. Originating from Taiwan, the Wong family's business interests were consolidated into the publicly listed entity by issuing additional shares, eventually gaining control exceeding 80%. Initially focused on vessel charter services, the group shifted direction after the Wong family acquired a majority stake in 1990 from Sze Ka-Shuen, facilitating a backdoor listing.
At one point, the group owned key properties in Hong Kong: 13 out of 16 blocks at Manchester Lodge, the 11th floor of World-Wide House (which was reacquired in 2010), freehold rights to Battersea Power Station, close to 80,000 square feet at Hong Kong Parkview, and a ground-level unit at Admiralty Centre. These holdings were sold back to the Wong family in 2001 for HK$833 million. This transaction included a special dividend distribution that primarily favored the Wong family shareholders, resulting in a decline of equity from HK$1.28 billion to HK$217 million.
Additionally, the group invested in a hotel venture located in Dingshan, Nanjing, Eastern China through Newmeadow Limited’s 45% interest in Nanjing Dingshan Garden Hotel Co., Ltd. In 2010, these assets—comprising also Shanghai properties managed under "Gallaria Furnishing Int. Ltd."—were divested to its parent company Kompass for HK$140.6 million. Simultaneously, the listed entity repurchased the 11th floor of World-Wide House from George Wong’s family for HK$289.5 million.[2]
Ownership
Kompass International Limited holds the majority stake in the group and is controlled by the four executive directors: George Wong, Victor Hwang, Richard Hwang, and Tony Hwang. The second largest shareholder, High Return Trading Limited, is also under George Wong's ownership. As of 31 March 2011, Huang Jian-quan possessed 7.47% of the shares, with no established connection to the Wong family. Another 7.47% was owned by Multi-Power International Limited, resulting in less than 15% of shares being publicly traded.
Battersea Power Station
The Hwang family once held international assets such as Battersea Power Station, which was sold in 2006. Although the publicly listed company declared its acquisition of development rights for a five-star hotel on this site during 1996–97, the land lease was actually retained by the Hwang family through Parkview International (London), rather than by the listed entity itself. The company subsequently leased back development rights from the family. Between 2000 and 2001, a conditional sale and purchase agreement was established for the company to acquire the land from the Hwang family at £6 million (approximately HK$66.8 million), a transaction authorized during a special general meeting. In 2001, the Hwang brothers, acting through Outshine Holdings Limited, acquired several properties from the group for HK$833.4 million, including Battersea Power Station valued at £7 million (around HK$77.3 million).
Subsidiaries
As of 31 March 2011
- Hong Kong Parkview (China) Limited
- Hong Kong Parkview International Management Limited
- Parkview Management Services Limited
- Parkview Property Development Limited
- Chyau Fwu Investment Limited
External links
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