New World Development
New World Development Co (HK stock code 0017) is a Hong Kong conglomerate with operations in property, infrastructure, transport, retailing telecommunications and bus and ferry operations.It is controlled by Chow Tai Food, a holding company owned by businessman Cheng Yu-tung.
Adrian Cheng is sole Hongkonger on Fortune’s ‘under 40’ list
New World Development executive director Adrian Cheng Chi-kong is the only Hongkonger to make Fortune‘s list of business stars aged under 40, which includes Google’s Larry Page and Facebook’s Mark Zuckerberg.
Cheng, 32, is the grandson of billionaire tycoon Cheng Yu-tung, who founded the New World Development empire that includes the Chow Tai Fook jewellery retailer.
The younger Cheng, who launched the hip K11 mall in Tsim Sha Tsui, also recently accepted Tate Modern’s invitation to join its Asia-Pacific Acquisitions Committee in London, the first Asian on the panel.
“For everything I’ve put into my dual passions of art and business, these recognitions are just as much credit to my staff and colleagues at K11 and New World Group,” Cheng said, calling the acknowledgements a “wonderful honour”.
Cheng was promoted as joint general manager of New World Development in March, when his grandfather announced his decision to step down as chairman and executive director and outlined his succession plan.