Shares of property group New World Development soared as much as 24 per cent on Friday after the third-generation scion of one of Hong Kong’s wealthiest families stepped down as chief executive.
In a rare management reshuffle, Adrian Cheng on Thursday resigned from the top job at one of Hong Kong’s biggest property developers after the company founded by his grandfather recorded its first loss in two decades.
Eric Ma, a former secretary for development of the Hong Kong government and family outsider who was appointed as New World’s chief operating officer in January this year, will be taking over Cheng’s role. Cheng will become a non-executive vice-chair of New World.
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