Highlights of the Article:
1. New World Development Company’s shares in Hong Kong surged by 23% following the resignation of Adrian Cheng, a member of the founding family.
2. Eric Ma Siu-Cheung, the Chief Operating Officer, has been appointed as the new CEO, marking a rare move for an outsider to lead the family business in Hong Kong.
3. New World Development Company is expected to record a significant loss for the financial year, reflecting the challenging property market conditions in both Hong Kong and mainland China.
Summary:
Editorial content by Avery Redwood
