Adrian Cheng, third-generation scion of the billionaire Cheng family, was replaced four years into his role after the flagship property business posted a loss of HK$19.7 billion ($3.4 billion) for FY2024 ended June 30, 2024. It marked the company’s first full-year loss in 20 years.
The unfolding saga at City Developments (CDL) is but the latest case of property tycoons disagreeing openly with family members.
Hong Kong-listed New World Development saw a revolving door of CEOs last year, with three changes to the top job in two months.
