New World scion Adrian Cheng resigns from family investing firm
The developer has been trying to grapple with its heavy debt amid an unprecedented property downturn
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[HONG KONG] Adrian Cheng, former chief executive officer of New World Development, has stepped down as a director of the closely held Chow Tai Fook Enterprises, marking a further retreat from the business empire long associated with his lineage.
He resigned as a director of Chow Tai Fook Enterprises, the Cheng family’s investment vehicle, on Jun 30, according to company registry records. Ming Pao reported the change earlier.
Cheng has been gradually stepping away from his family-related operations, ceasing to be director of New World’s K11 Group and K11 Concepts from November last year. He also resigned from the board of the listed New World Development starting in July. His wife Jennifer Yu Cheng left the private company CTF Education Group.
Representatives for Adrian, New World Development and the family firm did not immediately respond to requests for comment.
The family patriarch, Henry Cheng, brought in an outsider Echo Huang as New World CEO to steer the firm through a turbulent period. The developer has been trying to grapple with its heavy debt amid an unprecedented property downturn.
The Cheng family is considering injecting capital into New World as early as the end of the year, sources familiar said earlier this week. The family is willing to contribute about HK$10 billion (S$1.7 billion) and is seeking a partner that can provide a roughly similar amount for an equity stake, to establish a joint venture to provide liquidity to New World, the sources added.
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New World still needs more funding to help it cut debt and sustain its operations, despite securing an US$11 billion loan refinancing deal earlier this year. BLOOMBERG
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