- Fans hail Trump's 'guts' as he returns to site of rally shooting
- Lebanon state media says 'very violent' Israeli strikes hit south Beirut
- Guardians maul Tigers, miracle Mets rally in MLB series openers
- Lebanon state media says Israeli strikes hit south Beirut
- Miami on track for MLS record points after win in Toronto
- Madrid beat Villarreal but Carvajal suffers knee injury
- Madrid beat Villarreal to move level with Liga leaders Barcelona
- Monaco take top spot in Ligue 1 with win at Rennes
- French rugby player on rape charge whistled but 'serene' on return
- Madrid beat Villarreal to level Liga leaders Barca
- Thuram treble fires Inter past Torino and up to second
- 'Fight': defiant Trump jets in to site of rally shooting
- Toddler among 3 dead in migrant Channel crossings
- Mexico City's new mayor sworn in with pledges on water, housing
- Israel on alert ahead of Hamas attack anniversary
- Guardians maul Tigers in MLB playoff series opener
- Macron criticises Israel on Gaza, Lebanon operations
- French rugby player whistled but 'serene' on return amid ongoing rape case
- Kovacic stars as Man City sink Fulham to get title bid back on track
- Retegui hat-trick fires five-star Atalanta to hammering of Genoa
- Heavyweights Australia, England off to World Cup winning starts
- Visiting UN refugee agency chief decries 'terrible crisis' in Lebanon
- Spinners come to party as England defeat Bangladesh at T20 World Cup
- Search continues for missing in deadly Bosnia floods
- Man City sink Fulham to get title bid back on track
- France's Auradou whistled on Pau return in Perpignan loss amid ongoing rape case
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Arsenal hit back in style after Southampton scare
- Thousands march for Palestinians ahead of Oct 7 anniversary
- Hezbollah heir apparent Safieddine out of contact after strikes
- Liverpool stay top of Premier League as Arsenal, Man City win
- In dank Tour of Emilia, Pogacar shines in rainbow jersey
- DR Congo launches mpox vaccination drive, hoping to curb outbreak
- Trump returns to site of failed assassination
- Careless Leverkusen held to Bundesliga draw
- O'Brien's 'superstar' Kyprios posts landmark win on Arc weekend
- Toddler crushed to death in migrant Channel crossing
- Liverpool suffer Alisson injury blow
- Habosi helps Racing beat Vannes before Auradou's playing return
- Thousands march in London in support of Palestinians, 1 year after Oct 7
- Israel readying response to Iran missile attack
- Schutt, Mooney help Australia beat Sri Lanka in Women's T20 World Cup
- Liverpool extend Premier League lead with win at Palace
- Djokovic 'shakes rust off' to make third round of Shanghai Masters
- 'Imperfect' PSG fighting on all fronts - Luis Enrique
- Struggling Pakistan look to thwart adaptable England
- Child 'trampled to death' in asylum seekers' Channel crossing: minister
- Gauff fights back to set up Beijing final against Muchova
- Guardiola claims Premier League won't delay season for Man City
- Israel to mark October 7 attack as Gaza war spreads
Hong Kong's New World Development replaces CEO Adrian Cheng
Hong Kong property behemoth New World Development announced Thursday that its chief executive officer Adrian Cheng has been replaced, as the firm reported an annual loss of over US$2.5 billion.
Share trading in property giant New World Development had already been suspended in Hong Kong earlier Thursday ahead of the announcement, as well as trading in the retail unit New World Department Store China.
"Dr. Cheng Chi-Kong, Adrian has tendered his resignation as the chief executive officer of the Company to devote more time on public services and other personal commitments," the company said in a filing to Hong Kong stock exchange published around 4:45 pm (0845 GMT).
It added that he would be replaced with immediate effect by its chief operating officer Ma Siu-cheung, a former Hong Kong development minister also known as Eric Ma.
"(Ma) will no longer serve as the chief operating officer of the Company," it said.
The firm also announced losses attributable to shareholders totalling HK$19.68 billion (US$2.5 billion), which will will mark New World's first annual loss in two decades.
The company last announced a loss in 2004, totalling HK$975 million.
Cheng, 44, is a grandson of late billionaire Cheng Yu-tung and was long considered the heir apparent in the sprawling business empire run by Hong Kong's third-richest family.
The clan is valued at US$22.1 billion by Forbes magazine.
Cheng joined the board of New World Development in 2007 as its executive director and was appointed its CEO in 2020, when the company's revenues slumped by nearly a quarter mid-year to mid-year.
The business empire -- overseen by patriarch Henry Cheng -- spans property, jewellery, department stores and logistics.
The property arm is the largest unit, controlling HK$470.2 billion in assets by the end of 2023.
New World's shares have fallen by about a third since the turn of the year as Hong Kong suffers the longest property market downturn since the SARS pandemic in 2003.
The city has lost at least HK$2.1 trillion since 2019, according to a Bloomberg Intelligence analysis in June.
D.Kaufman--AMWN