New World Development, a prominent Hong Kong property developer, has announced the resignation of CEO Adrian Cheng, who has stepped down to focus on public service and personal commitments. This decision comes amid significant financial challenges, including the company's first annual loss in 20 years, attributed to substantial asset writedowns and a sluggish real estate market. Reports indicate that Cheng may be succeeded by current COO Ma Siu-Cheung, a move seen as an attempt to restore investor confidence and address the company's high debt levels. The company is expected to report a one-time loss of approximately $1.06 billion from the disposal of NWS Holdings in its fiscal 2024 results. Cheng, who joined New World in 2007 and became CEO in 2020, has faced criticism for pursuing ambitious projects that may have contributed to the firm's financial woes. The announcement of the new CEO is anticipated to coincide with the release of the company's earnings report soon.