The race to lead the Cheng family conglomerate of Hong Kong is now in full swing, as four siblings have attained prominent roles in the business empire, just when the group’s core development arm is set to book its first annual loss in two decades, Nikkei Asia reported.
Chow Tai Fook Enterprises, the investment holding company of the family, set up a new chief executive office late last month staffed by three co-CEOs, with one being Christopher Cheng Chi-leong, the third and youngest son of family head Henry Cheng Kar-shun.
According to Nikkei, the unlisted CTFE owns major stakes in the group’s core listed entities, including 45% of key property builder New World Development and 75% of infrastructure player NWS Holdings. Another listed arm, Chow Tai Fook Jewellery Group, is controlled separately by the family.
The latest move makes the CEOs of CTFE the most important executives within the group, the report contends. The announcement of Christopher’s ascension made waves as observers look for signals on the conglomerate’s future.
Henry said he was “excited” about the appointments, saying he has “worked closely with [them] in different fields of the business.”
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