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Kowloon Development Company Limited (Chinese: 九龍建業有限公司) (SEHK: 0034) is a property development company based and listed in Hong Kong. It focuses on the property development and investment sector. Kowloon Development is also a stakeholder of Polytec Asset Holdings Limited (SEHK: 0208).[1]
History
In January 1961, the main stakeholder of Kowloon Motor Bus, Ng Siu Chan (Chinese: 伍兆燦),[2] as well as William Sui-tak Louey (Chinese: 雷瑞德) and other businessmen, founded Kowloon Development Company.[3] The company started as a local developer mainly focusing on property development in Hong Kong.
In 1982, the company founded a subsidiary, Golden Princess Amusement Co Ltd, in order to target a market segment in the local filming industry and open up its market and sales to public entertainment.[4]
In 2002, the company was acquired by Polytec Macau, a company also owned by Or Wai Sheun.[7] Later in 2005, the company acquired Polytec Asset, which was in heavy debt at that time. From 2010, the company started buying numerous lands through different methods, such as auctions and redevelopment enforced auctions of older buildings.[8][9][10]
