New World Development names new CEO following Eric Ma's sudden departure

New World Development (NWD) has named Echo Huang (pictured right) as its new CEO after Ma Siu Cheung (pictured left) stepped down two months after taking on the role.

Huang will be reporting to Cheng Kar Shun, Henry, chairman of NWD.

According to the official document on Hong Kong Stock Exchange, Huang has over 20 years of experience in the real estate sector, having served in a consulting capacity for large-scale urban infrastructures, urban planning and urban renewal in mainland China for extensive periods, providing the mainland government with recommendations on property development, urban planning and relevant professional advice. 

Prior to joining the group, Huang held a senior position with an international consulting firm. She was appointed as managing director (Southern China) of a Hong Kong-listed property developer, overseeing its property development throughout the southern China region. 

Meanwhile, NWD said Ma has tendered his resignation as an executive director and the chief executive officer of the company to pursue his other personal commitments. Ma has also ceased to serve as a member of the executive committee as well as the chairman and a member of the sustainability committee.

Ma joined NWD two years ago as an executive director, after which he was promoted to the role of chief operating officer in January this year. He had been supporting Adrian Cheng, the former CEO of NWD, in the daily management and operations of the group's business in Hong Kong.

Aged 55, Huang joined the group as the deputy chief executive officer of New World China Land (新世界中國地產) in October 2015 and was promoted to director and CEO of New World China Land in February 2020. Huang was appointed as an executive director in May 2020. She serves on the executive committee of the company's board of directors and is also a director of several subsidiaries within the group.

Don’t miss: New World Development CEO Adrian Cheng steps down

In September, Adrian Cheng resigned as CEO after 17 years, and Ma, who previously served as chief operating officer, stepped into the position. Meanwhile, Cheng remains with the company as a non-executive director and a non-executive vice-chairman.

The leadership reshuffle came after the company issued a profit warning on HKEX, indicating that it expects a loss of up to HK$20 billion for the financial year ended in June, attributing this to asset impairment, investment losses, and rising interest rates. 

While Cheng founded the museum-retail concept brand K11, which integrates art elements into shopping malls and offices, NWD has encountered several challenges since the pandemic.

The shopping mall K11 MUSEA opened in 2019 amid the protest, just before the pandemic led to border closures. Another project, K11 SKIES, a HK$20 billion shopping and entertainment complex near the airport, began its phased opening last year. Additionally, in 2021, NWD discovered structural defects in two residential towers in Sha Tin, necessitating their demolition and compensation for buyers.

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