Hong Kong-listed Chun Wo Tunnel Management Limited has been awarded a six-year management contract of the Cross-Harbour Tunnel in Hong Kong for management, operation and maintenance services by the Transport Department of the city.
The management contract commences on 1 November 2016, marking the company’s first step tapping the tunnel management business. Chun Wo Tunnel Management is a subsidiary of Chun Wo Development Holdings Limited.
Leveraging Chun Wo’s extensive experience in construction and property management, its subsidiary company has won the six-year management, operation and maintenance contract of the Cross-Harbour Tunnel, representing a recognition of the company’s capability of delivering one-stop management services, the company said in a news release.
“While striving to maintain industry leadership in the construction and property businesses, Chun Wo will continue to leverage its project development and management platforms, and explore new business opportunities that are in line with its business vision, enhancing its competitiveness and profitability of the company,” said Ir Dr. Derrick Pang, Deputy Chairman of Chun Wo.
Chun Wo was founded in 1968 and initially was engaged in the construction business. In 1993, Chun Wo was listed on the Main Board of the Hong Kong Stock Exchange under the name of “Chun Wo Holdings Company Limited” with stock code 00711.HK.
As its businesses have expanded beyond construction to property development and property management, the company subsequently changed the company name to “Chun Wo Development Holdings Limited” in November 2007 to better reflect the diversified business development strategy.
In 2014, Chun Wo introduced strategic shareholders to enhance the Group’s financial capability, network and resources in China. The Pang’s family remained one of the Group’s major shareholders. In 2016, the listed company name was changed to “Asia Allied Infrastructure Holdings Limited”* (stock code: 00711.HK) in order to enhance the Group’s corporate image and better reflect its long-term strategic goals.
As the Group actively explored various forms of development, “Chun Wo Development Holdings Limited” has become a major branch of the Group in Hong Kong and will continue to develop its core businesses. – BusinessNewAsia.com