New World Development Scion Adrian Cheng Resigns From Board

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.