Joy City Property

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 listed company 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.[2]

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 Hong Kong Parkview, a unit in the G/F of Admiralty Centre, which were sold back to Wong family in 2001 for HK$833,392,140[3] Special dividend was received by shareholders, 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.

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 (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 again by the listed company from George Wong and his family for HK$289,516,400.[4]

Hwang family also had asset around the world, such as Battersea Power Station but sold in 2006.[5] Despite in 1996–97 annual report the listed company announced that it acquired the rights to develop a 5-star hotel,[6] some reports also stated that the land lease was owned by Hwang family via "Parkview International (London)"[5] but not under the listed company, which Hwang family only leased back the development rights to the company. In 2000–01 annual report, the listed company 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).[7][8] 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),[nb 3][3][9]