Adrian Cheng Chi-kong, the third-generation member of Hong Kong’s largest business conglomerate, will be transitioning from the role of chief executive officer to non-executive vice-chairman at New World Development. According to sources familiar with the company, the change will be announced when New World releases its financial results on Thursday.
Cheng, who was born in 1979, will be succeeded by the company’s current chief operating officer, Eric Ma Siu-cheung. Ma, a former Hong Kong secretary for development, is said to be implementing restructuring changes within the firm’s subsidiaries.
Read also: Luxury brands expand footprint at Hong Kong mall K11 Musea
Advertisement
New World Development is expected to report a loss of HK$19 billion to HK$20 billion for their fiscal year ending on June 30, the largest deficit since Cheng’s grandfather, Cheng Yu-tung, founded the corporation over 50 years ago. The company’s core operating profit is estimated to decrease by 18 …