New World Development names Huang Shaomei CEO as Eric Ma steps down after 2 months

The company named executive director Echo Huang Shaomei as his replacement, according to a Hong Kong stock exchange filing on Friday.

Ma, who replaced Adrian Cheng Chi-kong in late September, was tasked with steadying the ship after the group announced a HK$19.7 billion (US$2.53 billion) loss for the year to June 30, the worst since it was founded in 1970. Ma had been the group chief operating officer since 2002 before his promotion.

His resignation comes amid a series of asset sales to the family to lighten the developer’s debt burden, including Thursday’s divestment of its stake in developing the city’s biggest sports complex in Kai Tak. The turmoil is likely to stoke concerns among investors about New World, the Cheng family’s flagship entity.

Chairman Henry Cheng Kar-shun’s family is ranked as the third wealthiest in Hong Kong with an estimated fortune of US$22.1 billion, according to Forbes. The family holds a 45.2 per cent stake in NWD.