By Daniel Ren

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Adrian Cheng Chi-kong has launched a new business focused on “transformative industries”, including culture and healthcare, nearly three months after the third-generation scion of New World Development (NWD) left the company.
His new enterprise, ALMAD Group, will target markets in Southeast Asia and the Middle East, as well as mainland China, with a mission to break “boundaries in digital and virtual assets”, it said in a statement. The group owns the “K11 by AC” brand.
“We are living in an era of profound change in the global economy, where new frontiers are emerging at an unprecedented pace,” the 45-year-old entrepreneur said in the statement.
“We are determined to build ALMAD Group as a movement propelling this shift, investing in transformative industries in emerging markets such as Asean and the Middle East, while advancing globally in digital assets and cultural industries.”
Apart from culture and healthcare, Hong Kong-based ALMAD’s operations also cover entertainment, sports, media, commercial management and cultural tourism.
“Our mission is clear: to build what the next generation needs and to shape a future economy filled with possibilities,” Cheng, the former executive vice-chairman and CEO at NWD, said.

Harvard-educated Cheng’s new enterprise reflects his previous efforts at NWD to move beyond property development into areas like arts and culture, technology and environmental sustainability.
The industries targeted by ALMAD not only show strong commercial viability, but have the potential to shape the global economy in the next 20 years, according to the group’s statement.
Cheng’s announcement of ALMAD followed his resignation as non-executive director of NWD, which became effective on July 1.
At that time, Cheng said he would “devote more time to public services and other personal commitments”, according to a filing to the Hong Kong stock exchange.
Earlier this month, his name was no longer listed as a director of NWD parent company Chow Tai Fook Enterprises, according to the Hong Kong Companies Registry.

During his tenure at NWD, Cheng led business expansion in mainland China and Hong Kong.
The grandson of Cheng Yu-tung, founder of NWD and jewellery retailer Chow Tai Fook, Cheng joined the developer in 2007 as an executive director. He launched the K11 Art Mall concept in 2008 to combine retail with art and cultural experiences. He was promoted to CEO in 2020.
Under Cheng’s leadership, NWD completed the US$2.6 billion Victoria Dockside property development on the waterfront of Tsim Sha Tsui, which features the K11 Musea – a commercial property that offers a blend of luxury retail, museum-grade art, cultural exhibitions and entertainment experiences.
Cheng in 2018 also led NWD’s venture into a HK$20 billion development project, the 11 Skies indoor entertainment hub near Hong Kong International Airport.
He stepped down as NWD’s CEO a year ago after the company reported a full-year loss of HK$19.7 billion (US$2.5 billion) – its biggest ever – amid the property slump in Hong Kong and the mainland.
NWD last year agreed to sell the K11 management and branding business to a company set up by Cheng for HK$209 million. This included the K11 Loyalty Program, an asset management service for commercial property branding, as well as Globo Travel Agency and the Gentry Club operations in the K11 Musea.
As an early-stage investor in technology start-ups, Cheng’s notable bets included the Chinese social media platform RedNote, electric vehicle maker Xpeng and Micro Connect International Finance, an investment company that was set up in 2021.