{{Short description|Company of Hong Kong}} {{Infobox company | name = Hsin Chong | logo = Hsin Chong Company logo.png | type = | industry = {{Unbulleted list|Construction|Property development|Real estate}} | fate = | predecessor = <!-- or: | predecessors = --> | successor = <!-- or: | successors = --> | founded = {{Start date and age|1939}} in Hong Kong | founders = Godfrey Yeh Kan-Nee and Chien Chu-Keng | defunct = {{End date|2020|01}} | hq_location_city = Hong Kong | area_served = <!-- or: | areas_served = --> | key_people = | products = | owner = <!-- or: | owners = --> | num_employees = | num_employees_year = <!-- Year of num_employees data (if known) --> | parent = | website = {{URL|hsinchong.com}} }} '''Hsin Chong Group Holdings Limited''' (新昌營造集團有限公司; {{sehk|0404}}) or simply '''Hsin Chong''' (新昌) was a major construction company in Hong Kong.
==History== It was established in 1939 in Hong Kong as '''Hsin Chong & Company''' by Godfrey Yeh Kan-Nee and Chien Chu-Keng.
Yeh was a well-established builder in Shanghai before moving to Hong Kong in 1937. His son Geoffrey Yeh Meou-Tsen worked with him from 1955.
Chu-Keng's son Philip worked briefly at Hsin Chong before starting his own firm. <ref>{{cite web | url=https://industrialhistoryhk.org/shanghainese-builders-in-hong-kong-2-hsin-chong-and-hsin-heng/ | title=Shanghainese Builders in Hong Kong (Part Two) – Hsin Chong and Hsin Heng – the Industrial History of Hong Kong Group }}</ref>
The company was listed on the Hong Kong Stock Exchange in 1991.
In the late 1990s, Hsin Chong was involved in a scandal over short-piling. As a result, the company was banned from bidding for government contracts between 1999 and 2002.<ref>Bonnie Chen, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=77363&sid=22327405&con_type=1&d_str=20090121&sear_year=2009 Tsang picks political lightweights for Cabinet] {{Webarchive|url=https://web.archive.org/web/20110604120000/http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=77363&sid=22327405&con_type=1&d_str=20090121&sear_year=2009 |date=2011-06-04 }}, The Standard, 21 January 2009</ref>
==Recent developments== Chinese billionaire Lin Zhuo Yan has taken over control of the company from the Yeh family. In recent years, the company has diversified into mainland China property development.<ref name="trouble">{{cite news|last1=Ko|first1=Tin-yau|title=How a top-tier HK builder got into trouble|url=http://www.ejinsight.com/20170512-how-a-top-tier-hk-builder-got-into-trouble/|work=Hong Kong Economic Journal|date=12 May 2017}}</ref> In May 2014, Hsin Chong Construction Limited agreed to pay HK$10.625 billion for properties in Sanshui city.<ref>{{Cite news|url=https://www.scmp.com/property/hong-kong-china/article/1512965/hsin-chong-adds-sanshui-city-plots-its-growing-property|title=Hsin Chong adds Sanshui city plots to its growing property portfolio|work=South China Morning Post|access-date=2017-12-18|language=en}}</ref>
Anonymous Analytics reported in September 2016 that Lin uses Hsin Chong as a "personal dumping ground" for loss-making development properties.<ref name="hitby">{{cite news|last1=Nguy|first1=Dominique|title=Hsin Chong hit by purported nonpayments|url=http://www.thestandard.com.hk/section-news.php?id=179028|work=The Standard|date=26 January 2017}}</ref><ref name="trouble"/> Hsin Chong has also been accused of acquiring properties at inflated prices.<ref>{{cite news|title=Hsin Chong under fire for property acquisition|url=http://macaudailytimes.com.mo/hsin-chong-fire-property-acquisition.html|work=Macau Daily Times|date=6 October 2016}}</ref> The company's Hong Kong business was profitable, but the firm recorded a loss of HK$2.7 billion in 2016 due largely to a HK$4.4 billion loss on mainland property investments. Its shares suspended trading in April 2017.<ref name="trouble"/> In early 2017 it was reported that the company owed HK$500 million to subcontractors in Hong Kong, and the situation had led to delays at various construction projects including the M+ Museum.<ref name="hitby"/>
Hsin Chong's HK$5.9 billion contract with the Hong Kong Government's West Kowloon Cultural District Authority (WKCDA) for construction of the M+ Museum was terminated on 17 August 2018 on grounds of Hsin Chong's insolvency and poor performance causing "significant delays", though the allegations were denied by Hsin Chong management.<ref name="museummain">{{cite news |last1=Chan |first1=Holmes |title=West Kowloon M+ museum main contractor fired over alleged insolvency |url=https://www.hongkongfp.com/2018/08/20/west-kowloon-m-museum-main-contractor-fired-due-insolvency/ |work=Hong Kong Free Press |date=20 August 2018}}</ref>
==References== {{Reflist}}
==External links== * {{official website|http://www.hsinchong.com}}
Category:Companies listed on the Hong Kong Stock Exchange Category:Construction and civil engineering companies of Hong Kong
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