New World again

The most shameless developer in town, greed that can only be tamed at the end of a guillotine.

"Five years ago, New World Development sold about 200 flats to staff and business partners at The Merton in Kennedy Town - a project it developed with the Urban Renewal Authority. The private sale sparked criticism of the way developers go about marketing their projects.



Now similar questions are being raised about another New World-URA project, The Masterpiece in Tsim Sha Tsui. And once again, New World is being accused of manipulating the property market by selling 39 flats to business associates at the beginning of private sales - a practice which lawmakers said was aimed at artificially creating a picture of good sales. At a later stage flats were also sold to the company's top management and their relatives "