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| Cheng has stepped down as CEO of New World |
There's a saying, "The first generation makes it, the second generation maintains it, and the third generation spends it".
That rings true in the case of the Cheng family that controls developer New World Development, with surprising news that Adrian Cheng Chi-kong is stepping down as CEO following the company recording shocking losses of between HK$19 billion (US$2.44 billion) and HK$20 billion.
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| K11 Musea is the "Silicon Valley of Culture" |
Trading was halted on Thursday when it was announced the third-generation Cheng would take a non-executive role in the company.
Until recently, Cheng had long been thought of as the heir apparent to the conglomerate that spans property development, jewellery and logistics.
He joined the family business in 2007 as an executive director of New World and then became CEO four years ago. Cheng had graduated from Harvard and worked at Goldman Sachs Group Inc as an investment banker before redeveloping shopping malls K11 and K11 Musea.
The latter mall along the Tsim Sha Tsui harbour front is a confusing space, very dark and a bizarre mix of shops and restaurants, not to mention the buttons for the elevator are in books, and the distinct scent that was very off-putting to many. It was also a trek to get there, with winding passageways and confusing signage.
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| This sculpture is in the foyer of The Rosewood |
What does that even mean?
His sister Sonia runs The Rosewood Hong Kong, another ambitious project where a lot of money was spent on the decor, including pieces of art, like a realistic looking elephant collapsed on its side lying in the lobby foyer.
She was recently awarded the SevenRooms Icon Award 2024 at the World's 50 Best Hotels event for running the Rosewood Hotels & Resorts Group, appointed CEO at the age of 28.
For now New World is being led by current COO Ma Siu-cheung, and financial results will be revealed later today...
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