New World Development CEO Eric Ma Resigns

Eric Ma has resigned as CEO of New World Development after only two months in the position, citing personal commitments. His departure follows the company’s significant annual loss of over $2.5 billion and comes as Hong Kong faces a prolonged downturn in its property market. Echo Huang, who has extensive experience in real estate, has been appointed as the new CEO for a three-year term. Following the announcement, New World Development's shares fell by 6% before trading was suspended. The company is under pressure to stabilize its operations amid rising debt and a challenging market environment. New World Development will resume trading on December 2, 2024, after a brief pause following the leadership change.