Billionaire Cheng Family Scion’s Journey in Spotlight Takes Another Turn

Adrian Cheng Chi-kong, a prominent member of Hong Kong’s billionaire Cheng family, has re-emerged in the business world by launching a new investment venture aimed at “transformative industries.” These sectors include culture, entertainment, sports, media, and health care, reflecting a significant shift from his previous focus on property development within the family’s conglomerate. His move marks a new personal chapter as he steps away from the family’s traditional business empire, seeking to make a distinctive impact on new and innovative sectors. [para. 1]

Cheng, who is Harvard-educated and long considered the heir apparent to the Cheng family fortune, previously served as CEO of New World Development Co. Ltd. (NWD), the family’s flagship property developer. However, after steering the company through years of aggressive expansion in both Hong Kong and mainland China, NWD reported its first full-year loss in two decades. This downturn led Cheng to step down as CEO in 2023. [para. 2] Since then, he has gradually distanced himself from other family holdings, officially resigning from Chow Tai Fook Enterprises Ltd., the family’s private investment firm and NWD’s controlling shareholder, in June. This move signaled the completion of his withdrawal from the core family businesses. [para. 3]

While the specific motivations behind Cheng’s exit from the family empire remain unclear, the worsening debt crisis at NWD and signs of a potential power reshuffling within the Cheng family appear to have influenced his decision. [para. 4]

Cheng’s succession was no accident. The late family patriarch, Cheng Yu-tung, had carefully groomed him for leadership, often postponing key meetings until Adrian was present. Joining NWD as an executive director in 2007, Adrian rose to CEO by 2020, embodying a modern image that intertwined art, culture, and commerce. He has notable academic credentials, including Harvard studies in East Asian studies and training in Japanese art and culture, and he has made significant inroads by blending these interests with property development. [para. 5][para. 6][para. 7]

A key example is the K11 brand, which Adrian Cheng founded in 2008. The K11 Art Mall, launched in Tsim Sha Tsui in 2009, pioneered the integration of art into retail. By 2025, K11 Art Mall maintained full occupancy, thriving by targeting Gen Z consumers and creating unique shopping experiences. Other major K11 projects include K11 Atelier (premium offices), K11 Artus (luxury residential hotel), and K11 Musea (culture and retail complex). [para. 8][para. 9][para. 10]

However, the K11 expansion and heavy investments stretched NWD’s financial resources, contributing to the company’s fiscal woes. Notably, the $2.6 billion 11 Skies entertainment hub was only 40% leased as of June 2024, reflecting a sluggish market. For the fiscal year ending June 2024, NWD posted a dramatic net loss of HK$19.7 billion, compared to a net profit of HK$548 million the previous year. The losses stemmed from declining revenue, high costs, asset impairments, and a prolonged real estate slump, raising the developer’s net debt-to-equity ratio to 57.5% by the end of 2024. [para. 11][para. 12][para. 13] To cope, NWD has sold non-core assets, deferred bond payments, and secured a record HK$88.2 billion loan refinancing. [para. 14]

The Cheng family experienced a significant power shift during this period. Patriarch Henry Cheng and his family retained their third-place ranking in Hong Kong’s wealthiest with a $19.5 billion fortune as of 2025. Adrian’s siblings have taken on expanded roles: Sonia Cheng, appointed to NWD’s Nomination Committee, leads the family’s hotel strategy and has strengthened Chow Tai Fook Jewelry’s youth appeal, while Brian Cheng became co-CEO of the family’s infrastructure and logistics division. Christopher Cheng also assumed a leadership role in the family’s enterprises. [para. 15][para. 16][para. 17][para. 18][para. 19][para. 20]

Meanwhile, Adrian Cheng’s newly founded Almad Group, based in Hong Kong and with operations planned for the Chinese mainland, Southeast Asia, the Middle East, and beyond, will focus on transformative sectors and global expansion of the K11 brand, underscoring his commitment to innovation outside the traditional family business sphere. [para. 21][para. 22]