New World Development Appoints New CEO as Eric Ma Resigns After Two Months

Huang Shaomei takes over leadership of Hong Kong's debt-laden property giant following a turbulent management period and record financial losses.

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.