Big Take
Inside the Succession Drama at a Hong Kong Property Dynasty
Oct 8, 2024
Shawna Kwan, a Bloomberg reporter specializing in the Hong Kong property sector, dives into the seismic shifts at New World Development. She discusses Adrian Cheng’s surprising ousting as CEO and the implications of appointing Eric Ma Xiu-Chung, a non-family member, to lead the company. Kwan explores the financial pressures facing the property dynasty amid rising interest rates and high debt. The conversation also touches on how these leadership changes might influence succession strategies in family-owned businesses across the region.
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Quick takeaways
- Adrian Cheng's unexpected replacement as CEO illustrates the evolving dynamics of leadership in family-owned businesses amidst financial challenges.
- The shift towards appointing external professionals, as seen with Eric Ma at New World, may redefine succession strategies in Hong Kong's property sector.
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