New World Development controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
Back to profile4 entries
2024
Financial covenant and debt concerns
The company came under scrutiny after reporting a substantial annual loss and reportedly seeking lender waivers when its net debt-to-assets ratio exceeded a threshold that could allow lenders to recall loans. This was a financial-stress controversy rather than an allegation of misconduct.
2015
Avenue of Stars redevelopment procurement controversy
The Hong Kong government's decision to work with New World Development on the redevelopment and expansion of the Avenue of Stars without an open tender prompted criticism from residents' groups and neighboring developers. The government characterized the project as non-profit and later promised public consultation.
2008
Leung Chin-man hiring controversy
The company faced criticism after hiring former Hong Kong Permanent Secretary for Housing, Planning and Lands Leung Chin-man as deputy managing director and executive director of New World China Land. The appointment raised perceived-conflict-of-interest concerns because of his prior involvement in housing matters connected to the Hung Hom Peninsula episode. The contract was rescinded after public controversy.
2004
Hung Hom Peninsula redevelopment controversy
New World Development and Sun Hung Kai Properties faced strong public opposition after announcing plans to demolish residential buildings at Hung Hom Peninsula and replace them with luxury apartments. Critics argued that the existing buildings were usable and that the redevelopment reflected excessive commercial interests. The developers withdrew the demolition plan in December 2004.