Adrian Cheng Resigns From New World Development Board Amid Debt Crisis

Adrian Cheng, the third-generation heir of Hong Kong property giant New World Development, has fully resigned from the company's board less than a year after stepping down as CEO amid mounting financial challenges. During his tenure, New World Development became one of Hong Kong's most indebted property developers, with net debt reaching alarming levels and the company posting its first annual loss in over two decades. Despite securing a record HK$88.2 billion refinancing deal to manage its offshore unsecured debt and extend loan maturities, the firm continues to face significant financial strain. Cheng cited a desire to focus on public services and personal commitments as reasons for his departure, and the company confirmed there were no disputes related to his resignation. New World’s leadership has emphasized efforts to deleverage and improve cash flow, with CEO Echo Huang expressing gratitude to the banking community for their support. Cheng's exit marks a rare and notable leadership change in a traditionally family-controlled sector amid a difficult market environment.