Real Estate
New World Scion Adrian Cheng Steps Down as CEO After Loss
- Rare move follows developer’s first annual loss in two decades
- Resignation further clouds succession at billionaire family
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New World Development Co. Chief Executive Officer Adrian Cheng has resigned, after the third-generation heir steered the Hong Kong property developer to its first annual loss in two decades.
Cheng will become a non-executive director effective today, the company said in a stock exchange filing on Thursday, confirming an earlier Bloomberg News report. Chief Operating Officer Ma Siu-Cheung will take the CEO role.