New World Development CEO Eric Ma Resigns

Eric Ma has resigned as CEO of New World Development just two months after taking the position, following the company's significant financial losses exceeding HK$19 billion. His departure was announced as part of a broader leadership shakeup within the company, which has been struggling amid a downturn in the Hong Kong property market. Echo Huang, previously the head of property business in mainland China, has been appointed as his successor. The chairman, Henry Cheng, expressed satisfaction with Huang's extensive experience, indicating a need for 'timely phased changes' in leadership. Shares of New World Development fell approximately six percent before trading was halted, reflecting investor concerns about the company's future amid ongoing economic challenges. Analysts believe that Ma's exit will not significantly hinder the company's operational strategies focused on asset divestment and residential sales.