Hong Kong billionaire Cheng Family’s NWS reshuffles leaders amid succession saga
HONG Kong billionaire Henry Cheng’s infrastructure firm NWS Holdings has appointed one of his sons, Brian, 41, to co-chief executive officer, deepening questions over leadership succession at the family’s sprawling business empire.
The move means that three of Cheng’s children now lead a major listed arm of the family’s US$26 billion business, with Adrian, 44, being the CEO of real estate developer New World Development and Sonia serving as a joint vice-chairman for Chow Tai Fook Jewellery Group. Their brother Christopher is an executive director at NWS.
NWS’s current CEO Eric Ma resigned and New World said in a separate filing that he’s been appointed its chief operating officer. Ma will directly report to Adrian and play a crucial role in overseeing New World’s property development and management, a group spokesman said in a statement.
Henry Cheng remains chairman of all three companies.
Gilbert Ho, currently NWS’s chief operating officer, will join Brian as co-CEO. Adrian will become a non-executive director of NWS, a change from his position as an executive director, after New World sold control of the firm to the Cheng family’s private investment arm Chow Tai Fook Enterprises.
The changes will take effect on Jan 1.
Adrian, who was widely seen as the strongest candidate to take over the family’s business group, faces increasing uncertainty over his heir-apparent status after Henry said he’s still looking for a successor. The third-generation scion has been grappling with pressure from New World’s high debt level and a real estate sector sell-off that sent the company’s shares tumbling 47 per cent this year.
In a television interview in November, Henry said he’s open to the possibility of multiple people leading different business sectors, including family members and candidates from the outside, if he can’t find a suitable successor.
New World, one of the most indebted real estate developers in Hong Kong, announced the sale of NWS to Chow Tai Fook Enterprises in June for US$4.5 billion, a move to boost liquidity and shore up investor confidence amid rising interest rates and China’s property crisis. BLOOMBERG
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