New World Development (NWD), a major Hong Kong property company, today announced that CEO Adrian Cheng had resigned and was replaced by Chief Operating Officer Ma Siu-cheung, effective immediately. The company cited Cheng’s desire to focus on public services and personal commitments as the reason for his departure.

The leadership change comes as New World Development reported its first annual loss in two decades, totaling HK$19.68 billion ($2.5 billion). This significant loss reflects the ongoing challenges in Hong Kong’s property market.

Cheng, 44, grandson of late billionaire Cheng Yu-tung, had been with the company since 2007 and became CEO in 2020. Trading in New World Development and its retail unit, New World Department Store China, was suspended in Hong Kong prior to the announcement. The company's shares have fallen by about a third since the beginning of the year.