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This story is part of Forbes’ coverage of Hong Kong’s Richest 2025. See the full list here. Hong Kong property and jewelry magnate Henry Cheng is in the eye of a perfect storm. Last June, his publicly traded property flagship, New World Development, reported an annual net loss of HK$19.7 billion ($2.5 billion), its highest…
By Bloomberg Published November 26, 2024 China’s largest jewellery retailer Chow Tai Fook Jewellery Group Ltd. saw revenue plunge 20.4% in the half year ended September, the biggest drop for the period since 2016 as the world’s No. 2 economy slows and record high gold prices dent luxury spending. Gold bangles on display a Chow…
Adrian Cheng steps down as CEO of New World Development on Thursday. Paul Yeung/Bloomberg Adrian Cheng, the third-generation scion of Hong Kong’s billionaire Cheng family, said on Thursday he had stepped down as CEO of the family’s flagship New World Development, after the property company recorded its first annual loss in two decades as it…