New World Development is in the midst of its biggest leadership change, with chairman Cheng Yu-tung yesterday announcing his decision to step down from his position to make way for a new generation of leadership.
Cheng, who in 1970 founded New World, now one of Hong Kong's leading property companies, will relinquish both posts of chairman and executive director, effective from today.
His son Henry Cheng Kar-shun, the managing director, will succeed him as chairman.
'After having been working for nearly 70 years, it's time to retire,' said the 86-year-old Cheng, the fourth-richest man in the city according to Forbes.
Over the years, the group had groomed a number of talented leaders, Cheng said.
As part of the succession plan, executive director Adrian Cheng Chi-kong - Cheng Yu-tung's grandson - will take up the additional post of joint general manager.