The company said Chief Operating Officer Eric Ma Siu-Cheung has been appointed as the new CEO.

HONG KONG : Shares of Hong Kong's New World Development are set to open 16 per cent higher on Friday after the resignation of Adrian Cheng, the third-generation scion of the firm's founding family, who has been replaced by the company's chief operating officer.It is uncommon for an outsider to lead the bu

HONG KONG :Shares of Hong Kong's New World Development jumped 20 per cent in early Friday trade after the loss-making and indebted property developer announced a change at the helm.New World said on Thursday that Eric Ma would be promoted to chief executive from chief operating officer, replacing Adrian Chen

Adrian Cheng, the heir apparent to the family conglomerate, will be succeeded by company's chief operating officer Eric Ma Siu-cheung, effective immediately.

Hong Kong property behemoth New World Development announced Thursday that its chief executive officer Adrian Cheng has been replaced, as the firm reported an annual loss of over US$2.5 billion. The firm also announced losses attributable to shareholders totalling HK$19.68 billion (US$2.5 billion), which will will mark New World's first annual loss in two decades.

Hong Kong property behemoth New World Development announced Thursday that its chief executive officer Adrian Cheng has been replaced, as the firm reported an annual loss of over US$2.5 billion. The firm also announced losses attributable to shareholders totalling HK$19.68 billion (US$2.5 billion), which will will mark New World's first annual loss in two decades.

Adrian Cheng, 44, said he resigned voluntarily to focus on public services after the Hong Kong property developer recorded its first annual loss in two decades.