Hong Kong Parkview Group
Encyclopedia
Hong Kong Parkview Group Limited is a listed company of Hong Kong
, but incorporated in Bermuda
.
, one of the largest residential project in the southern Hong Kong Island
, the Chinese name of the real estate has a similar name with Yangmingshan
, which the family business originated from that country
. Wong family injected the family asset on Hong Kong Parkview, to the group by issuing new shares, made Wong family owned more than 80% interest in the group. The group was engaged in the charter hire of vessels until Wong family (through Chyau Fwu Development Ltd.) acquired the majority shares in 1990, from Sze Ka-Shuen (Mr. Sze) to complete a backdoor listing.
The Group had a hotel project in Dingshan, Nanjing
, Eastern China (Newmeadow Limited, owned 45% interests of Nanjing Dingshan Garden Hotel Co.Ltd.). In 2010, along with some properties in Shanghai (namely as "Gallaria Furnishing Int.Ltd.) and other assets, they were sold to parent company Kompass for HK$140,610,334, in exchange, 11/F of World-Wide House
was bought by the group from George Wong and his family for HK$289,516,400.
The group also had numbers of properties in Hong Kong, namely 13 blocks out of 16 of Manchester Lodge, 11/F of World-Wide House (re-acquired in 2010), the freehold of Battersea Power Station, and nearly 80,000 sq.ft. of residential flat of HK Park View (the real estate), a unit in the G/F of Admiralty Centre, and sold back to Wong family in 2001 for HK$833,392,140 Special dividend was received by shareholder, which in turn Wong family received most, made the equity of the group fell from HK$1,277,549,366 to HK$217,339024.
but sold in 2006. Despite in 1996–97 annual report the group announced that it acquired the rights to develop a 5-star hotel, some reports also stated that the land lease was owned by Hwang family via "Parkview International (London)" but not under the group, which Hwang family only leased back the development rights to the group. In 2000–01 report, the group also announced that it formed a conditional sales and purchase agreement with Limbhill Properties Limited and Parkview Int. London PLC (both held by Hwang family), to buy the land from Hwang family for £6 million (approx. HK$66,768,000). Eventually the special general meeting approved the transaction. In 2001, Hwang brothers, through Outshine Holdings Limited, bought numbers of properties from the group for HK$833,392,140, including the power station valued £7 million (approx. HK$77,300,000),
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
, but incorporated in Bermuda
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
.
Ownership
The holding company/majority shareholder of the group is "Kompass International Limited", which all four executive directors of the group, George Wong, Victor Hwang, Richard Hwang and Tony Hwang were the shareholders. (Wong/Hwang both were the romanization of Chinese surname ) Moreover, the second largest shareholder, High Return Trading Limited, is owned by George Wong. Lastly, Huang Jian-quan (Huang is another romanization of the Chinese surname ), owned 7.47% shares as of 31 March 2011, who has no known relation with the Wong family. "Multi-Power International Limited" also owned 7.47% shares, made less than 15% shares were held by the public.Properties development
Wong family and its company Chyau Fwu was the developer of Hong Kong ParkviewHong Kong Parkview
Hong Kong Parkview is the largest private housing estate in Tai Tam, Hong Kong. It is located at Mount Nicholson, Wong Nai Chung Gap, with the east of Wong Nai Chung Reservoir Park. Its three sides are surrounded by Tai Tam Country Park...
, one of the largest residential project in the southern Hong Kong Island
Hong Kong Island
Hong Kong Island is an island in the southern part of the Hong Kong Special Administrative Region. It has a population of 1,289,500 and its population density is 16,390/km², as of 2008...
, the Chinese name of the real estate has a similar name with Yangmingshan
Yangmingshan
One of the eight national parks in Taiwan, the Yangmingshan National Park is located between Taipei City and New Taipei City, Taiwan. The districts that house parts of the park grounds include Taipei's Beitou and Shilin Districts; and New Taipei's Wanli, Jinshan, and Sanzhi Districts. During the...
, which the family business originated from that country
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
. Wong family injected the family asset on Hong Kong Parkview, to the group by issuing new shares, made Wong family owned more than 80% interest in the group. The group was engaged in the charter hire of vessels until Wong family (through Chyau Fwu Development Ltd.) acquired the majority shares in 1990, from Sze Ka-Shuen (Mr. Sze) to complete a backdoor listing.
The Group had a hotel project in Dingshan, Nanjing
Nanjing
' is the capital of Jiangsu province in China and has a prominent place in Chinese history and culture, having been the capital of China on several occasions...
, Eastern China (Newmeadow Limited, owned 45% interests of Nanjing Dingshan Garden Hotel Co.Ltd.). In 2010, along with some properties in Shanghai (namely as "Gallaria Furnishing Int.Ltd.) and other assets, they were sold to parent company Kompass for HK$140,610,334, in exchange, 11/F of World-Wide House
World-Wide House
World-Wide House is an office building in Central, Hong Kong. It is located between Connaught Road Central, Pedder Street and Des Voeux Road Central.-History:The site is situated on land reclaimed at the turn of the 20th century....
was bought by the group from George Wong and his family for HK$289,516,400.
The group also had numbers of properties in Hong Kong, namely 13 blocks out of 16 of Manchester Lodge, 11/F of World-Wide House (re-acquired in 2010), the freehold of Battersea Power Station, and nearly 80,000 sq.ft. of residential flat of HK Park View (the real estate), a unit in the G/F of Admiralty Centre, and sold back to Wong family in 2001 for HK$833,392,140 Special dividend was received by shareholder, which in turn Wong family received most, made the equity of the group fell from HK$1,277,549,366 to HK$217,339024.
Battersea Power Station
Hwang family also has asset around the world, such as Battersea Power StationBattersea Power Station
Battersea Power Station is a decommissioned coal-fired power station located on the south bank of the River Thames, in Battersea, South London. The station comprises two individual power stations, built in two stages in the form of a single building. Battersea A Power Station was built first in the...
but sold in 2006. Despite in 1996–97 annual report the group announced that it acquired the rights to develop a 5-star hotel, some reports also stated that the land lease was owned by Hwang family via "Parkview International (London)" but not under the group, which Hwang family only leased back the development rights to the group. In 2000–01 report, the group also announced that it formed a conditional sales and purchase agreement with Limbhill Properties Limited and Parkview Int. London PLC (both held by Hwang family), to buy the land from Hwang family for £6 million (approx. HK$66,768,000). Eventually the special general meeting approved the transaction. In 2001, Hwang brothers, through Outshine Holdings Limited, bought numbers of properties from the group for HK$833,392,140, including the power station valued £7 million (approx. HK$77,300,000),
Particulars of Principal 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