The Historical Evolution of Hua Mao Group

The group was founded by Wang Dehui family in 1960. In the early years, it was jointly operated by Wang Dehui and Gong Ruxin, and it was managed by Gong Ruxin after Wang Dehui 1990 disappeared.

More than 300 properties developed by Huamao Group are mainly residential buildings, office buildings, shopping malls, industrial and trade buildings and hotels. In addition to real estate, its business also includes finance, insurance, entertainment, information technology and retail, with more than 4,000 employees. Chinachem Group has never been listed on the Hong Kong Stock Exchange.

The real estate prices developed by Hua Mao Group are cheaper than those of other developers, but due to the unsatisfactory location, design, materials and guest facilities, the appreciation ability is not as good as that of other developers. In the early years, Hua Mao Group bought a lot of land in the New Territories at a low price, and actively collected the second type of land exchange rights. Therefore, the properties built by Huamao are mainly distributed in the New Territories, such as Tsuen Wan, Sha Tin and Tuen Mun.

1988, Wang Dehui and Gong Ruxin planned to let Huamao Group go public, but later they decided not to go public because they thought that the surveyor's valuation of the property listed by Huamao was not satisfactory.

1994, Chinachem Group announced that it would spend HK$ 654.38+00 billion to build Nina Tower, the world's tallest building, at Wu Yang Road in Tsuen Wan, with a height of over 520 meters. However, due to the relocation of the Hong Kong International Airport, Tsuen Wan is located in the main channel, which is highly restricted by the government, so it has to be built in two, and it was fined HK$ 560 million for failing to complete it as scheduled. Finally, Nina Tower was officially completed in 2008.

1997, Chinachem Group invested more than HK$ 5.5 billion in the land of the former British military dormitory at Repulse Bay Road 129, and the property market reversed, resulting in a lot of book losses for Chinachem. The building adopts an inclined design with a narrow top and a wide bottom, which is called "Lily". Huamao once applied to transform this mansion into a hotel, but it was not approved and has not been officially launched.

In June 2006, Chinachem Group said that it planned to split a basket of street shops such as Du Ming Shopping Mall in Sheung Shui, Du Ming Shopping Mall in Fanling, Li Kang Garden Shopping Mall in Tuen Mun, Hilton Center Shopping Mall in Sha Tin, Haoshunfu Building Shopping Mall in Yuen Long, Sai Kung Garden and Grand View Garden in Tsing Lung Tau into real estate investment trusts.