New World Development’s K11 Musea shopping mall, part of the company’s flagship Victoria Dockside development in Hong Kong’s Tsim Sha Tsui district. Paul Yeung/Bloomberg Shares of New World Development, controlled by Hong Kong’s billionaire Cheng family, dropped almost 6.5% on Monday after the debt-laden property developer deferred interest payments on several bonds, deepening investor concerns…
An illuminated logo at the Star complex, operated by Star Entertainment Group Ltd., in Sydney, … [+] Australia, on Tuesday, Sept.3, 2024. Star Entertainment Group’s future hangs in the balance after an inquiry found the company had suffered from dysfunctional leadership, questionable ethics and culture, and remains unfit to operate its Sydney casino. Photographer: Brent Lewin/Bloomberg ©…
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…
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…