The property developer owned by the billionaire Cheng family is considering replacing the third-generation scion as CEO after writedowns that led to the company’s first annual loss in two decades, people familiar with the matter told Bloomberg on Wednesday.
New World Development Co. suspended trading of its shares in Hong Kong on Thursday morning, amid reports that CEO Adrian Cheng is poised to step down.
The shares are halted pending the announcement of inside information, the Hong Kong-based developer said in a statement. New World Department Store China Ltd., of which Cheng is chairman, has also halted trading.
