New World Development Company Limited (NWD), is based in Hong Kong focusing on property, infrastructure and services, department stores and hotels. It was established in 1970 by Cheng Yu-tung. The company is publicly listed on the Hong Kong Stock Exchange (SEHK: 00017, OTC Pink: NDVLY) since 23 November 1972 and is a constituent stock of Hong Kong Hang Seng Index.[1] Over the last four decades, the group has also actively participated in various businesses in Mainland China and established itself as one of the largest foreign direct investors in the country. Its notable subsidiaries include the Rosewood Hotel Group, formerly New World Hospitality and renamed after its acquisition of Rosewood Hotels & Resorts. The group's existing investments in Mainland China has exceeded US$16.5 billion, spreading across four municipalities and over 19 provinces.