Morningstar Quantitative ratings for equities (denoted on this page by) are generated using an algorithm that compares companies that are not under analyst coverage to peer companies that do receive analyst-driven ratings. Companies withratings are not formally covered by a Morningstar analyst, but are statistically matched to analyst-rated companies, allowing our models to calculate a quantitative moat, fair value, and uncertainty rating. Click here for more on how to use these ratings.
New World Development is the listed property arm of privately owned Chow Tai Fook. NWD’s real estate business spans residential developments in Hong Kong and mainland China, balanced with investment properties in retail malls, offices, and hotels. CTF is owned by the Cheng family and the entity has a 44.4% stake in NWD. CTF also jointly owns investments with its listed entities. NWD has a 61% stake in listed NWS, which holds the group’s infrastructure and services assets in Hong Kong and China. Core assets within NWS include toll roads, aircraft leasing company Goshawk, a construction company, and insurer FT Life. A 75% stake in listed New World China Department Stores, operator of 29 department stores across mainland China, is also a minor contributor to the NWD group.
Hong Kong, Hong Kong