Joy City Property

Joy City Property Limited (Chinese: 大悅城地產有限公司, is a listed company of Hong Kong, but incorporated in Bermuda.

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 (Chinese: 黃)) 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 (Chinese: 黃, literally "Yellow")), 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 Parkview, 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.^[3]

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.^[4]

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^[5] 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$217,339,024.

Battersea Power Station

Hwang family also had asset around the world, such as Battersea Power Station but sold in 2006.^[6] Despite in 1996–97 annual report the group announced that it acquired the rights to develop a 5-star hotel,^[7] some reports also stated that the land lease was owned by Hwang family via "Parkview International (London)"^[6] 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).^[8][9] 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),^[10][5][11]

Particulars of Principal Subsidiaries

As of 31 March 2011

References

External links

• joy-cityproperty.com (English) (Chinese)