Merryhill Group Limited has been renamed as NWS Transport Services Limited effective 14 December 2004, aiming at clearly reflecting the business perspectives of the Transport portfolio.

Hip Hing Construction China Co Ltd acquired a 10% stake in the China Construction Third Engineering Bureau Co Ltd which owns the Super Grade qualification certificate that enables it to undertake projects with no restrictions on contract size throughout Mainland China.

NWS Holdings expanded its water treatment business into Tianjin's Tanggu district.

Hip Hing Construction (China) Company Limited and NWS Engineering Limited have set up wholly owned construction enterprises in Beijing. Both companies were awarded the Wholly Foreign Owned Enterprise certificates which entitle them to undertake projects in all parts of Mainland China.

NWS Holdings and Chow Tai Fook Enterprises Limited formed a 50/50 comprehensive transport service provider, encompassing their full range of existing diversified transport-related businesses, under Merryhill Group Limited.

NWS Holdings expanded into the water treatment market in Hainan through its involvement in a joint venture, operating a 30-year water management concession. The project represented a total investment of RMB320 million, in which NWS Holdings held a 25% stake.

Kunming New World First Bus Services Limited commenced operation in Kunming with about 700 buses and 39 routes.