HONG KONG -- Adrian Cheng has stepped down as CEO of his billionaire family's Hong Kong real estate company New World Development, as the developer booked its first loss in two decades.
The company announced the change on Thursday afternoon as it released its results for the year ended June 30. NWD booked a loss attributable to shareholders of 19.6 billion Hong Kong dollars ($2.52 billion) amid a prolonged slump in the city's property market.
