Cheng’s resignation as CEO in September was rare in Hong Kong’s property industry, where the biggest players are all controlled by families that carefully plan their succession. Long assumed to be a favourite of the late patriarch Cheng Yu-Tung, the Harvard-educated Adrian had been seen as the heir apparent of the business group led by his billionaire dad. But New World has gotten into trouble since Adrian was elevated to CEO in 2020, four years after his grandfather died.
New World Development Co.’s third-generation heir Adrian Cheng has completely quit the beleaguered Hong Kong property developer less than a year after stepping down as chief executive officer.
Cheng tendered his resignation as a non-executive director and non-executive vice-chairman of New World with effect from July 1 “to devote more time on public services and other personal commitments” and he has no disagreement with the board relating to his resignation, the company said in a stock exchange filing on Monday.
