Complex sentence: It was jointly built by Hang Lung Properties and Hopewell Holdings, and Telford Plaza II was built by New World Development; being the first property development project of the MTR Corporation, the estate is now managed by the Corporation.
Split into simpler sentences: It was jointly built by Hang Lung Properties and Hopewell Holdings, and Telford Plaza II was built by New World Development. Being the first property development project of the Mass Transit Railway, the estate is now managed by the Corporation.