Adrian Cheng’s resignation marks turning point for New World Development
Inside Retail
OCTOBER 2, 2024
In a filing, the company announced it would spin off its flagship retail K11 brand management to a newly established company by Cheng for HK$209 million, aiming to reduce operating costs. Shares of New World Development surged by as much as 23 per cent after trading resumed following Cheng’s resignation.
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