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, 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.