New World Scion's Fall Upends Succession at $23 Billion Dynasty [Yahoo! Finance Canada]
CHOW TAI FOOK JEWELRY ADR (CJEWY)
NASDAQ:AMEX Investor Relations:
corporate.chowtaifook.com/en/ir/reports.php
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Source: Yahoo! Finance Canada
(Bloomberg) -- Even by the standards of big-money Hong Kong, K11 Musea, a glittering marvel dubbed the “Silicon Valley of Culture,” stands apart for its lavishness. Most Read from Bloomberg It took Adrian Cheng, scion of one of the city's richest families, 10 years and $2.6 billion to bring to life his vision for the ornate art-and-luxury-retail galleria on harbor-front property passed down from his grandfather to his father and finally to him. Now, a mere half-decade later, Cheng's daring dream for his family's New World Development Co. – and for himself – has come crashing down. To the shock of upper-crust Hong Kong, Cheng, 44, has abruptly stepped aside as the third-generation leader of New World, a pillar of one of Asia's great business dynasties. For now, he's been replaced by the company's chief operating officer – someone who isn't a member of the multibillionaire Cheng family. Shares of New World soared as much as 17% on Friday following the announcement. New World
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