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Big Take Asia
Inside the Succession Drama at a Hong Kong Property Dynasty
Oct 8, 2024
Shawna Kwan, a Bloomberg reporter known for her coverage of the intricate dynamics of family businesses, dives into the unexpected leadership shake-up at New World Development. She discusses how Adrian Cheng, once a favored heir, was suddenly replaced by a non-family CEO, Eric Ma. The conversation unveils the challenges facing family dynasties in Asia as they navigate generational shifts and competitive markets. Kwan also highlights the potential ripple effects this dramatic shift could have on other property empires in Hong Kong.
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Quick takeaways
- Adrian Cheng's replacement as CEO reflects significant shifts in leadership approaches within family dynasties, prioritizing professional management over tradition.
- The succession turmoil at New World Development highlights challenges faced by third-generation heirs in balancing legacy preservation with modern innovation strategies.
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Introduction of Instagram Teen Accounts
New features for Instagram teen accounts include automatic protections designed to enhance safety for users under 16. These new accounts come with built-in limits on who can contact them and what content they can access, enabling teens to safely connect with relevant individuals and topics. Additionally, parental approval is required for changing safety settings, ensuring that caretakers have control over their child's online experience. This initiative aims to create a more secure environment while empowering teens to explore social media responsibly.
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