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Adrian Cheng Chi-kong, the third-generation heir of one of Hong Kong’s largest conglomerates, is reportedly stepping down from his role as chief executive officer of New World Development and transitioning to a non-executive position within the company, according to sources familiar with the situation. Born in 1979, Cheng will take on the role of non-executive vice-chairman, relinquishing his CEO title. Eric Ma Siu-cheung, former secretary for development in Hong Kong, is expected to be promoted to CEO when the company announces its full-year financial results on Thursday, according to the sources. The sources also report that Ma had recently instructed colleagues to review the financial situation of subsidiaries for potential restructuring. This news comes as luxury brands continue to expand their presence in K11 Musea, Hong Kong.
AdvertisementAdrian Cheng’s departure from the CEO role is the latest in a series of reshuffles within Chow Tai Fook Enterprises (CTEF), the parent company of New World, in an effort to “accelerate growth and strengthen operations.” CTEF has formed a CEO’s office to be led by three executives, including one of the youngest scions of the family, Christopher Cheng Chi-leong. Patrick Tsang On-yip has been appointed co-CEO and head of Americas, Australia, and Europe, and Ho Gilbert Chi-hang has been appointed co-CEO and head of corporate functions and operations. There have been rumors of discord within the family regarding succession plans after patriarch Henry Cheng Kar-shun, age 77, sparked speculation and uncertainty about the future of the family’s vast empire last November in an interview with HOY TV in Hong Kong, where he stated that he may not be seeking a successor from within the family. A senior family member has denied these rumors. Brian Cheng Chi-ming, co-CEO of New World’s sister company NWS, declined to comment on the rumors surrounding Adrian Cheng’s possible replacement but stated that the news will be revealed within the next 24 hours. Speaking after NWS’s results press conference on Wednesday, he said that his father, Henry Cheng, is completely fair and that “substitution is normal,” adding that he too would be replaced if he did not perform well.
In recent months, New World has been focused on reducing its debt, with a consolidated net debt of approximately HK$118.92 billion as of December 2023. In July and August, the company completed over HK$16 billion of loan arrangements and debt repayments, as well as refinancing some loans due in 2025. In the first half of the year, the company repaid HK$35 billion in loans and debt. Since 2022, the company has sold off several assets, including a 51% stake in a prime office building in Cheung Sha Wan to joint venture partner Ares SSG, the local unit of US private-equity firm Ares Management, for HK$3.07 billion. Three months later, the company sold the 695-room Pentahotel in Kowloon for HK$2 billion. This year, New World sold its D-Park Shopping Centre and associated parking spaces in Tsuen Wan to private developer Chinachem Group for HK$4.02 billion. On the stock market, New World’s shares closed at 2.5% higher at HK$8.19 on Wednesday, while the benchmark Hang Seng Index rose 0.7%.