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    Adrian Cheng Resigns From Non-Executive Director Role

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    Adrian Cheng, the fashion investor and third-generation heir to New World Development, one of Hong Kong‘s largest real estate companies, has resigned from his role as non-executive director, effective July 1.

    Cheng will “devote more time on public services and other personal commitments,” the company wrote in a filing.

    “Dr. Cheng has confirmed that he has no disagreement with the board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the company and The Stock Exchange of Hong Kong Limited,” the filing continued.

    Last September, the 44-year-old Cheng stepped down as chief executive officer of New World Development, after the company posted its first annual loss in two decades.

    Once the heir apparent to the family-controlled conglomerate, which is helmed by his father, Henry Cheng, Adrian Cheng stayed on as the company’s non-executive vice chairman and continued to provide guidance for K11, the shopping mall franchise he founded in 2008.

    After Adrian Cheng’s exit, New World counts 17 directors on its board, including Sonia Cheng, who is responsible for the family’s Chow Tai Fook jewelry business and Rosewood Hotel projects, and Echo Huang, who was named New World’s chief executive officer last November.

    The company also announced an 88.2 billion Hong Kong dollars, or $11.2 billion, refinancing package that would set in motion a turnaround strategy at the company.

    The loan package, one of the largest in Hong Kong history, will be used to increase cash flow and repay public debt.

    According to a public filing on Monday, the company had already refinanced a portion of its offshore unsecured debt, including bank loans, through a new facility. Via the new facility, New World also aligned its other existing offshore unsecured bank loans.

    The terms of the new facility consist of various kinds of bank loans with different maturities, with the earliest being June 30, 2028.

    This March, after the company reported an interim loss of 6.63 billion Hong Kong dollars, or $844.5 million, it vowed to boost cash flow through cost-cutting initiatives and asset sales.

    It was announced recently that the group sold its New World Hotel Makati in Manila, Philippines, to Ayala Land, the Philippines’ leading real estate developer.



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