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7mo ago

Adrian Cheng Resigns as CEO of New World Development Amid Record Losses

Cheng steps down to focus on public services, replaced by COO Eric Ma as company faces mounting debt and property market challenges.

Overview

  • Adrian Cheng resigns as CEO of New World Development after the company posts its first annual loss in two decades.
  • Eric Ma Siu-Cheung, the current COO, will take over as CEO effective immediately.
  • Cheng will remain on the board and continue to contribute to the K11 brand, which will be divested to him.
  • New World Development plans to sell assets, including its stake in Kai Tak Sports Park and K11 properties, to improve liquidity.
  • The company's debt levels have surged, making it the most indebted major developer in Hong Kong, with shares plummeting over 40% in the past year.