New | New World Development names Adrian Cheng as vice-chairman; in line to succeed his father

New World Development has named Adrian Cheng Chi-kong, the son of chairman Henry Cheng Kar-shun as executive vice-chairman, in a move setting up a gradual transfer of control of the business empire to the next generation.

The new appointment will become effective on April 1.

Adrian Cheng has been appointed as executive director and joint general manager of New World since March 2012. Since then, “Adrian Cheng has been spearheading the group’s business and made it one of Hong Kong’s top three property developers in both sales performance and development,” the company said in the statement on Monday.

Cheng aims to intergrate the group’s diversified businesses and enhance its value, a company spokesman said. “In the past few years, Cheng has been involved in the management of the group’s various businesses, from propery sales to retail shopping,” the spokesman said.

As part of the expansion, K11 shopping malls will boast a portfolio of 19 projects across mainland China, inclusive of its art malls in Hong Kong and Shanghai by 2020.

The announcement is in line with the succession plans being undertaken by other property companies. Last month, the chairman of Wharf (Holdings), Peter Woo Kwong-ching, announced that deputy chairman and managing director Stephen Ng Tin-hoi will succeed him after the annual general meeting in May. Ng will serve a term of three years.