Hong Kong $2.2 Billion Property Giant New World Development Chairman Henry Cheng to Focus on Reducing $15.9 Billion Debt Before Considering M&A to Grow, Chow Tai Fook Henry Cheng Family Has a Fortune of $22 Billion & Owns 45.2% of New World Development
22nd November 2024 | Hong Kong
Hong Kong property giant New World Development Company ($2.2 billion market value) Chairman Henry Cheng will be focusing on reducing $15.9 billion debt before considering M&A to grow (Shareholders meeting on 21/1/24). Chow Tai Fook Henry Cheng family has a fortune of $22 billion, and owns 45.2% of New World Development. In 2024 September, New World Development Company share price increased +21% to $3.2 billion market value in 1 day (27/9/24), after trading resumes following the announcement of CEO Adrian Cheng resignation and appointment of COO Eric Ma Siu-cheung as CEO. On 26th September 2024, New World Development Company CEO Adrian Cheng Chi-kong had resigned to spend more time on public services & personal commitments, and steps down from all executive positions in all billionaire Henry Cheng & Chow Tai Fook Enterprises family Hong Kong-listed companies. In the 2024 annual report announcement, New World Development Company reported the first-ever loss of $2.2 billion in 20 years, and appointed COO Eric Ma Siu-cheung as CEO. Adrian Cheng (Age 44) is the eldest of Henry Cheng 6 children. New World Development Company (26/9/24): “The Board announces the following changes in directors of the Company and members of board committees of the Company with effect from 26 September 2024: (1) Dr. Cheng Chi-Kong, Adrian has tendered his resignation as the chief executive officer of the Company to devote more time on public services and other personal commitments. He has been re-designated from an executive director and executive vice-chairman of the Company to a non-executive director and non-executive vice-chairman of the Company, and ceased to serve as a member of the Executive Committee as well as the chairman and a member of the Sustainability Committee; and (2) Mr. Ma Siu-Cheung has been appointed as the chief executive officer of the Company and a member and the chairman of the Sustainability Committee.” Earlier in September 2024, Hong Kong billionaire Henry Cheng (Age 77) with $18 billion fortune investment holding company & family office Chow Tai Fook Enterprises (CTFE) appointed 3 Co-CEOs, with his son Christopher Cheng Chi-long appointed as Co-CEO & Head of North Asia, Patrick Tsang On-yip as Co-CEO & Head of Americas, Australia & Europe, and Ho Gilbert Chi Hang as Co-CEO & Head of Corporate Functions & Operations. Chow Tai Fook Enterprises (CTFE): “The 3 senior executives bring together diversified sector and region expertise that are instrumental for the next phase of growth of the family office.” Chow Tai Fook Enterprises (CTFE) is also the largest shareholder of 2 Hong Kong listed companies, New World Development ($2.1 billion market value) and NWS Holdings ($3.5 billion market value). Henry Cheng has 6 children Adrian, Sonia, Brian, Christopher, Chak-Wang and Chak-yin. In 2024 August, New World Development (NWD, $2.5 billion market value) expects to report $2.4 billion to $2.5 billion loss (HKD 19 billion to HKD 20 billion) including $1.2 billion non-cash impairment for 2023/2024 financial year ending June. In 2024 June, New World Development (NWD) had successfully arranged $4.5 billion of new loans & debt repayments since 2024 January.
“ Hong Kong $2.2 Billion Property Giant New World Development Chairman Henry Cheng to Focus on Reducing $15.9 Billion Debt Before Considering M&A to Grow, Chow Tai Fook Henry Cheng Family Has a Fortune of $22 Billion & Owns 45.2% of New World Development “
Hong Kong Property Giant New World Development Company Share Price Increased +21% to $3.2 Billion Market Value in 1 Day after Trading Resumes Following Announcement of CEO Adrian Cheng Resignation & Appointment of COO Eric Ma Siu-cheung as CEO, Adrian Cheng Also Stepped Down from All Executive Positions in All Billionaire Henry Cheng & Chow Tai Fook Enterprises Family Hong Kong-Listed Companies, New World Development Company Reports First-Ever Loss of $2.2 Billion in 20 Years & Appoints COO Eric Ma Siu-cheung as CEO, Adrian Cheng Age 44 is Eldest of Henry Cheng 6 Children
27th September 2024 – Hong Kong property giant New World Development Company share price increased +21% to $3.2 billion market value in 1 day (27/9/24), after trading resumes following the announcement of CEO Adrian Cheng resignation and appointment of COO Eric Ma Siu-cheung as CEO. On 26th September 2024, New World Development Company CEO Adrian Cheng Chi-kong had resigned to spend more time on public services & personal commitments, and steps down from all executive positions in all billionaire Henry Cheng & Chow Tai Fook Enterprises family Hong Kong-listed companies. In the 2024 annual report announcement, New World Development Company reported the first-ever loss of $2.2 billion in 20 years, and appointed COO Eric Ma Siu-cheung as CEO. Adrian Cheng (Age 44) is the eldest of Henry Cheng 6 children. New World Development Company (26/9/24): “The Board announces the following changes in directors of the Company and members of board committees of the Company with effect from 26 September 2024: (1) Dr. Cheng Chi-Kong, Adrian has tendered his resignation as the chief executive officer of the Company to devote more time on public services and other personal commitments. He has been re-designated from an executive director and executive vice-chairman of the Company to a non-executive director and non-executive vice-chairman of the Company, and ceased to serve as a member of the Executive Committee as well as the chairman and a member of the Sustainability Committee; and (2) Mr. Ma Siu-Cheung has been appointed as the chief executive officer of the Company and a member and the chairman of the Sustainability Committee.” Earlier in September 2024, Hong Kong billionaire Henry Cheng (Age 77) with $18 billion fortune investment holding company & family office Chow Tai Fook Enterprises (CTFE) appointed 3 Co-CEOs, with his son Christopher Cheng Chi-long appointed as Co-CEO & Head of North Asia, Patrick Tsang On-yip as Co-CEO & Head of Americas, Australia & Europe, and Ho Gilbert Chi Hang as Co-CEO & Head of Corporate Functions & Operations. Chow Tai Fook Enterprises (CTFE): “The 3 senior executives bring together diversified sector and region expertise that are instrumental for the next phase of growth of the family office.” Chow Tai Fook Enterprises (CTFE) is also the largest shareholder of 2 Hong Kong listed companies, New World Development ($2.1 billion market value) and NWS Holdings ($3.5 billion market value). Henry Cheng has 6 children Adrian, Sonia, Brian, Christopher, Chak-Wang and Chak-yin. In 2024 August, New World Development (NWD, $2.5 billion market value) expects to report $2.4 billion to $2.5 billion loss (HKD 19 billion to HKD 20 billion) including $1.2 billion non-cash impairment for 2023/2024 financial year ending June. In 2024 June, New World Development (NWD) had successfully arranged $4.5 billion of new loans & debt repayments since 2024 January.
“ Hong Kong Property Giant New World Development Company Share Price Increased +21% to $3.2 Billion Market Value in 1 Day after Trading Resumes Following Announcement of CEO Adrian Cheng Resignation & Appointment of COO Eric Ma Siu-cheung as CEO, Adrian Cheng Also Stepped Down from All Executive Positions in All Billionaire Henry Cheng & Chow Tai Fook Enterprises Family Hong Kong-Listed Companies, New World Development Company Reports First-Ever Loss of $2.2 Billion in 20 Years & Appoints COO Eric Ma Siu-cheung as CEO, Adrian Cheng Age 44 is Eldest of Henry Cheng 6 Children “
Hong Kong $2.6 Billion Property Giant New World Development Company CEO Adrian Cheng Has Resigned to Spend More Time on Public Services & Personal Commitments, Steps Down from All Executive Positions in All Billionaire Henry Cheng & Chow Tai Fook Enterprises Family Hong Kong-Listed Companies, New World Development Company Reports First-Ever Loss of $2.2 Billion in 20 Years & Appoints COO Eric Ma Siu-cheung as CEO, Adrian Cheng Age 44 is Eldest of Henry Cheng 6 Children
26th September 2024 – Hong Kong property giant New World Development Company ($2.6 billion market value) CEO Adrian Cheng Chi-kong has resigned to spend more time on public services & personal commitments, and steps down from all executive positions in all billionaire Henry Cheng & Chow Tai Fook Enterprises family Hong Kong-listed companies. In the 2024 annual report announcement, New World Development Company reported the first-ever loss of $2.2 billion in 20 years, and appointed COO Eric Ma Siu-cheung as CEO. Adrian Cheng (Age 44) is the eldest of Henry Cheng 6 children. New World Development Company (26/9/24): “The Board announces the following changes in directors of the Company and members of board committees of the Company with effect from 26 September 2024: (1) Dr. Cheng Chi-Kong, Adrian has tendered his resignation as the chief executive officer of the Company to devote more time on public services and other personal commitments. He has been re-designated from an executive director and executive vice-chairman of the Company to a non-executive director and non-executive vice-chairman of the Company, and ceased to serve as a member of the Executive Committee as well as the chairman and a member of the Sustainability Committee; and (2) Mr. Ma Siu-Cheung has been appointed as the chief executive officer of the Company and a member and the chairman of the Sustainability Committee.” Earlier in September 2024, Hong Kong billionaire Henry Cheng (Age 77) with $18 billion fortune investment holding company & family office Chow Tai Fook Enterprises (CTFE) appointed 3 Co-CEOs, with his son Christopher Cheng Chi-long appointed as Co-CEO & Head of North Asia, Patrick Tsang On-yip as Co-CEO & Head of Americas, Australia & Europe, and Ho Gilbert Chi Hang as Co-CEO & Head of Corporate Functions & Operations. Chow Tai Fook Enterprises (CTFE): “The 3 senior executives bring together diversified sector and region expertise that are instrumental for the next phase of growth of the family office.” Chow Tai Fook Enterprises (CTFE) is also the largest shareholder of 2 Hong Kong listed companies, New World Development ($2.1 billion market value) and NWS Holdings ($3.5 billion market value). Henry Cheng has 6 children Adrian, Sonia, Brian, Christopher, Chak-Wang and Chak-yin. In 2024 August, New World Development (NWD, $2.5 billion market value) expects to report $2.4 billion to $2.5 billion loss (HKD 19 billion to HKD 20 billion) including $1.2 billion non-cash impairment for 2023/2024 financial year ending June. In 2024 June, New World Development (NWD) had successfully arranged $4.5 billion of new loans & debt repayments since 2024 January.
New World Development Company Limited (“the Group”, Hong Kong stock code: 00017), a premium brand infused with a unique personality defined by The Artisanal Movement, was founded in 1970 and was publicly listed in Hong Kong in 1972. It is a constituent stock of the Hong Kong Hang Seng Index, with a total asset value of approximately HK$470.2 billion as at 31 December 2023. Our core business areas include investment in property and property development, and investment in and/or operation of hotels and other strategic businesses, boasting operations in Greater China, especially the Greater Bay Area.
Hong Kong Billionaire Henry Cheng Age 77 with $18 Billion Fortune Investment Holding Co & Family Office Chow Tai Fook Enterprises (CTFE) Appoints 3 Co-CEOs, His Son Christopher Cheng Chi-long Appointed as Co-CEO & Head of North Asia, Patrick Tsang On-yip as Co-CEO & Head of Americas, Australia & Europe, and Ho Gilbert Chi Hang as Co-CEO & Head of Corporate Functions & Operations
4th September 2024 |- Hong Kong billionaire Henry Cheng (Age 77) with $18 billion fortune investment holding company & family office Chow Tai Fook Enterprises (CTFE) has appointed 3 Co-CEOs, with his son Christopher Cheng Chi-long appointed as Co-CEO & Head of North Asia, Patrick Tsang On-yip as Co-CEO & Head of Americas, Australia & Europe, and Ho Gilbert Chi Hang as Co-CEO & Head of Corporate Functions & Operations. Chow Tai Fook Enterprises (CTFE): “The 3 senior executives bring together diversified sector and region expertise that are instrumental for the next phase of growth of the family office.” Chow Tai Fook Enterprises (CTFE) is also the largest shareholder of 2 Hong Kong listed companies, New World Development ($2.1 billion market value) and NWS Holdings ($3.5 billion market value). Henry Cheng has 6 children Adrian, Sonia, Brian, Christopher, Chak-Wang and Chak-yin. In 2024 August, New World Development (NWD, $2.5 billion market value) expects to report $2.4 billion to $2.5 billion loss (HKD 19 billion to HKD 20 billion) including $1.2 billion non-cash impairment for 2023/2024 financial year ending June. In 2024 June, New World Development (NWD) had successfully arranged $4.5 billion of new loans & debt repayments since 2024 January.
Hong Kong Billionaire Henry Cheng $2.5 Billion New World Development (NWD) Expects to Report $2.4 Billion to $2.5 Billion Loss Including $1.2 Billion Non-Cash Impairment for 2023/2024 Financial Year Ending June
31st August 2024 – Hong Kong billionaire Henry Cheng New World Development (NWD, $2.5 billion market value) is expecting to report $2.4 billion to $2.5 billion loss (HKD 19 billion to HKD 20 billion) including $1.2 billion non-cash impairment for 2023/2024 financial year ending June. In 2024 June, New World Development (NWD) had successfully arranged $4.5 billion of new loans & debt repayments since 2024 January. Earlier in 2024 March, New World Development (NWD) had agreed to sell Hong Kong Tsuen Wan shopping mall (D‧PARK) & parking spaces to Hong Kong developer Chinachem for $510 million (HKD 4.02 billion). Announcement: “New World Development Company Limited (“New World Development” Hong Kong Stock Exchange code: 00017) and Chinachem Group (“Chinachem”) announced that the two parties have signed a commercial property sale and purchase agreement. To optimise its business portfolio, New World Development has sold all its interest in the D‧PARK mall in Tsuen Wan and the mall’s parking spaces to Chinachem for a total cash consideration of HK$4.02 billion. New World Development has been continuously optimising its assets portfolio while also seeking suitable investment opportunities to further boost shareholder returns. The commercial properties being sold in this transaction include the retail portion of D‧PARK, with total area of 630,000 square feet, and 1,000 parking spaces. The transaction is expected to be completed in April 2024. New World Development will continue disposal of non-core assets to recycle capital for the development of its core businesses. Chinachem Group is delighted to have acquired D‧PARK mall and its carpark. Chinachem is confident about Hong Kong long-term economy and property market, and intends to hold the D‧PARK mall as a long-term investment. Chinachem believes that the acquisition of this premium regional mall will create synergy with its investments in Tsuen Wan including Nina Mall 1 & 2, Nina Hotel Tsuen Wan West and Nina Park. Chinachem is committed to the economic growth of Hong Kong through further investment in our community and engagement programmes.”
Hong Kong Billionaire Henry Cheng $2.3 Billion New World Development Arranged $4.5 Billion of New Loans & Debt Repayments Since 2024 January
27th June 2024 – Hong Kong billionaire Henry Cheng New World Development (NWD) with $2.3 billion (27/6/24: HKD 18 billion) market capitalization has successfully arranged $4.5 billion of new loans & debt repayments since 2024 January. Earlier in 2024 March, New World Development (NWD) had agreed to sell Hong Kong Tsuen Wan shopping mall (D‧PARK) & parking spaces to Hong Kong developer Chinachem for $510 million (HKD 4.02 billion). Announcement: “New World Development Company Limited (“New World Development” Hong Kong Stock Exchange code: 00017) and Chinachem Group (“Chinachem”) announced that the two parties have signed a commercial property sale and purchase agreement. To optimise its business portfolio, New World Development has sold all its interest in the D‧PARK mall in Tsuen Wan and the mall’s parking spaces to Chinachem for a total cash consideration of HK$4.02 billion. New World Development has been continuously optimising its assets portfolio while also seeking suitable investment opportunities to further boost shareholder returns. The commercial properties being sold in this transaction include the retail portion of D‧PARK, with total area of 630,000 square feet, and 1,000 parking spaces. The transaction is expected to be completed in April 2024. New World Development will continue disposal of non-core assets to recycle capital for the development of its core businesses. Chinachem Group is delighted to have acquired D‧PARK mall and its carpark. Chinachem is confident about Hong Kong long-term economy and property market, and intends to hold the D‧PARK mall as a long-term investment. Chinachem believes that the acquisition of this premium regional mall will create synergy with its investments in Tsuen Wan including Nina Mall 1 & 2, Nina Hotel Tsuen Wan West and Nina Park. Chinachem is committed to the economic growth of Hong Kong through further investment in our community and engagement programmes.”
“ Hong Kong Billionaire Henry Cheng $2.3 Billion New World Development Arranged $4.5 Billion of New Loans & Debt Repayments Since 2024 January “
Hong Kong Billionaire Henry Cheng $2.9 Billion New World Development Sells Hong Kong Tsuen Wan Shopping Mall D‧PARK & Parking Spaces to Hong Kong Developer Chinachem for $510 Million
2nd March 2024 – Hong Kong billionaire Henry Cheng New World Development (NWD) with $2.9 billion (1/3/24: HKD 23.1 billion) market capitalization has agreed to sell Hong Kong Tsuen Wan shopping mall (D‧PARK) & parking spaces to Hong Kong developer Chinachem for $510 million (HKD 4.02 billion). Announcement: “New World Development Company Limited (“New World Development” Hong Kong Stock Exchange code: 00017) and Chinachem Group (“Chinachem”) announced that the two parties have signed a commercial property sale and purchase agreement. To optimise its business portfolio, New World Development has sold all its interest in the D‧PARK mall in Tsuen Wan and the mall’s parking spaces to Chinachem for a total cash consideration of HK$4.02 billion. New World Development has been continuously optimising its assets portfolio while also seeking suitable investment opportunities to further boost shareholder returns. The commercial properties being sold in this transaction include the retail portion of D‧PARK, with total area of 630,000 square feet, and 1,000 parking spaces. The transaction is expected to be completed in April 2024. New World Development will continue disposal of non-core assets to recycle capital for the development of its core businesses. Chinachem Group is delighted to have acquired D‧PARK mall and its carpark. Chinachem is confident about Hong Kong long-term economy and property market, and intends to hold the D‧PARK mall as a long-term investment. Chinachem believes that the acquisition of this premium regional mall will create synergy with its investments in Tsuen Wan including Nina Mall 1 & 2, Nina Hotel Tsuen Wan West and Nina Park. Chinachem is committed to the economic growth of Hong Kong through further investment in our community and engagement programmes.”
Hong Kong Billionaire Henry Cheng Family & Largest Shareholder of $407 Million Giordano International with 24.1% Shareholding Proposed to Remove CEO Peter Lau & Appoints Colin Currie as CEO, Attempted Failed Takeover in 2022 for HKD 2.6 Billion, Giordano Founded by Hong Kong Jailed Billionaire Jimmy Lai in 1981
10th February 2024 – Hong Kong billionaire Henry Cheng family & largest shareholder of Giordano International with 24.1% shareholding has proposed to remove CEO Peter Lau and appoints Colin Currie as CEO (Hong Kong Exchange Filing 5/2/24). Giordano International has a current market value of $407 million (9/2/24: HKD 3.19 billion). In 2022, Henry Cheng family had attempted a failed takeover of Giordano International for HKD 2.6 billion ($332 million). Giordano was founded by Hong Kong currently jailed billionaire Jimmy Lai in 1981. In 2023 November, Hong Kong billionaire Henry Cheng Kar Shun Chow Tai Fook Enterprises bought NWS Holdings for $4.5 billion (HKD 35.5 billion) to take the company private, with 99.35% of NWD shareholders voting to approve the NWS Holdings sale. More info below:
Hong Kong Billionaire Henry Cheng Chow Tai Fook Enterprises to Buy NWS Holdings for $4.5 Billion to Take the Company Private at 14.5% Premium Over Last Closing Price, 99.35% NWD Shareholders Voted to Approve NWS Holdings Sale
4th November 2023 – Hong Kong billionaire Henry Cheng Kar Shun Chow Tai Fook Enterprises will be buying NWS Holdings for $4.5 billion (HKD 35.5 billion) to take the company private, with 99.35% of NWD shareholders voting to approve the NWS Holdings sale. The price represents a 14.5% premium over last closing price (Closing Price HKD7.99, Offer Price HKD 9.15, 27/6/23. New World Development: “New World Development (“NWD,” “the Company,” Stock Code: 0017) announced that at its Extraordinary General Meeting (“EGM”) held today, its independent shareholders approved the resolution regarding the disposal of all NWD’s shares in NWS Holdings Limited (“NWS”) (the “Disposal”) and the related resolution in respect of the revision of annual caps of certain continuing connected transactions. The Disposal was approved by approximately 99.35% of the votes cast. Upon completion, the Disposal will provide NWD with cash proceeds of approximately HK$21,754.3 million, which will immediately strengthen the Company’s financial position. NWD will use a portion of the proceeds to pay a special dividend of approximately four billion Hong Kong dollars (equivalent to HKD1.59 per NWD share), allowing shareholders to immediately realize part of the value from their shareholdings in the company. The Disposal is a continuation of NWD’s ongoing strategy to proactively explore corporate actions and strategic options to unlock shareholder value. It generates immediate value for shareholders, repositions the company around its property businesses, and supports its broader efforts to reduce leverage in the expectation of persistently high interest rates. This transaction will streamline NWD’s business and asset portfolio, bringing its future earnings and cash flow profile into greater alignment with its property businesses.” More info below:
Hong Kong Billionaire Henry Cheng Chow Tai Fook Enterprises to Buy NWS Holdings for $4.5 Billion to Take the Company Private at 14.5% Premium Over Last Closing Price
2nd November 2023 – New World Development (“NWD,” “the Company,” Stock Code: 0017) announced that at its Extraordinary General Meeting (“EGM”) held today, its independent shareholders approved the resolution regarding the disposal of all NWD’s shares in NWS Holdings Limited (“NWS”) (the “Disposal”) and the related resolution in respect of the revision of annual caps of certain continuing connected transactions. The Disposal was approved by approximately 99.35% of the votes cast.
Upon completion, the Disposal will provide NWD with cash proceeds of approximately HK$21,754.3 million, which will immediately strengthen the Company’s financial position. NWD will use a portion of the proceeds to pay a special dividend of approximately four billion Hong Kong dollars (equivalent to HKD1.59 per NWD share), allowing shareholders to immediately realize part of the value from their shareholdings in the company.
The Disposal is a continuation of NWD’s ongoing strategy to proactively explore corporate actions and strategic options to unlock shareholder value. It generates immediate value for shareholders, repositions the company around its property businesses, and supports its broader efforts to reduce leverage in the expectation of persistently high interest rates. This transaction will streamline NWD’s business and asset portfolio, bringing its future earnings and cash flow profile into greater alignment with its property businesses.
As disclosed in NWD’s circular dated 13 October 2023, assuming the NWS share offer becomes or is declared unconditional in all respects on 9 November 2023, the payment for the Disposal is expected to be received by NWD by Monday, 20 November 2023. The special dividend is expected to be distributed on Wednesday, 20 December 2023 to all shareholders whose names appear in the register of members of the company at the close of business on Friday, 24 November 2023.
Hong Kong Billionaire Henry Cheng Chow Tai Fook Enterprises Offers to Buy NWS Holdings for $4.5 Billion to Take the Company Private, 14.5% Premium Over Last Closing Price
29th June 2023 – Hong Kong billionaire Henry Cheng Kar Shun Chow Tai Fook Enterprises has announced to buy NWS Holdings for $4.5 billion (HKD 35.5 billion) to take the company private, representing 14.5% premium over last closing price (Closing Price HKD7.99, Offer Price HKD 9.15, 27/6/23). Henry Cheng family is one of the richest family in Hong Kong with estimated fortune of $25 billion to $30 billion. NWS Holdings is the diversified industries flagship of New World Development Company. NWS Holdings invests and operates a wide range of businesses predominantly in Hong Kong and the Mainland, with core business includes toll roads, construction and insurance, and manage a strategic portfolio spanning sectors from logistics to facilities management.
Hong Kong Billionaire Henry Cheng Chow Tai Fook Enterprises Offers to Buy NWS Holdings for $4.5 Billion to Take the Company Private, 14.5% Premium Over Last Closing Price
Dr Cheng Kar Shun, Henry
Dr Cheng, aged 76, was appointed as Executive Director in March 2000 and became the Chairman from March 2001. He is also the Chairman of the Executive Committee and the Nomination Committee of the Company. Dr Cheng is the Chairman and an executive director of New World Development Company Limited, a substantial shareholder of the Company, and Chow Tai Fook Jewellery Group Limited, the Chairman and a non-executive director of FSE Lifestyle Services Limited and i-CABLE Communications Limited, all being listed public companies in Hong Kong. He was a non-executive director of DTXS Silk Road Investment Holdings Company Limited (resigned on 19 March 2021), as well as the Chairman and a non-executive director of New World Department Store China Limited (resigned on 13 May 2021), both being listed public companies in Hong Kong. Dr Cheng is also a director and the Honorary Chairman of New World China Land Limited and a director of several substantial shareholders of the Company, namely Cheng Yu Tung Family (Holdings) Limited, Cheng Yu Tung Family (Holdings II) Limited, Chow Tai Fook Capital Limited, Chow Tai Fook (Holding) Limited, Chow Tai Fook Enterprises Limited and Mombasa Limited. Dr Cheng is the Chairman of the Advisory Council for The Better Hong Kong Foundation. He was a Standing Committee Member of the Twelfth Chinese People’s Political Consultative Conference of the People’s Republic of China. Dr Cheng was awarded the Gold Bauhinia Star and the Grand Bauhinia Medal in 2001 and 2017 respectively by the Government of the HKSAR. Dr Cheng is the father of Dr Cheng Chi Kong, Adrian, Mr Cheng Chi Ming, Brian and Mr Cheng Chi Leong, Christopher, and the uncle of Mr William Junior Guilherme Doo.
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