New World Development
In 1990, Chow Tai Fook Enterprises partnered with associate company New World Development to privatize New World Hotels (Holdings), a sub-holding listed company of New World Development in hotel business. Chow Tai Fook Enterprises owned 36% stake (indirectly, via Beames Holdings) in New World Hotels (Holdings) after the deal, while New World Development owned the remaining 64% indirectly.