Overview

• Eric Ma resigned as CEO of New World Development after just two months in the role, citing personal commitments.
• Ma had stepped into the position in September following the company’s announcement of a US$2.53 billion annual loss, its worst since its founding in 1970.
• Huang Shaomei, an executive director at New World since 2020, has been appointed as the new CEO for a three-year term.
• New World Development, Hong Kong’s third-richest family’s flagship company, is grappling with high debt, a prolonged property market downturn, and asset sales to stabilize finances.
• The company’s stock price fell by about six percent before trading was halted on Friday, with trading expected to resume on Monday.