🚀 Zheng Zhigang Resigns From Key Positions at New World Development
#ZhengZhigang #NewWorldDevelopment #realestate #assetmanagement #innovativetechnology #virtualassets #Jingyu #NFT #TheSandbox #AnimocaBrands #ByteDance #CASETiFY #investment #SAND
According to Odaily, Zheng Zhigang has announced his resignation as Executive Vice Chairman and CEO of New World Development. He has also stepped down from his directorial roles at New Creation, Chow Tai Fook, and New World Department Store. During his tenure as CEO of New World, Zheng aimed to reform the traditional real estate development model. He has also been involved in numerous private investment projects outside of real estate, focusing on asset management, innovative technology, and virtual assets. For instance, he founded the private investment platform Jingyu in 2020, which had assets worth $2 billion by the end of 2021. Zheng has also participated in investments through C Capital and Flow Capital.
Zheng is passionate about innovative technology and virtual assets. He invested $5 million to purchase a virtual land plot in The Sandbox and has been involved in NFT projects like Azuki and virtual asset custodian Hex Trust. His investment portfolio also includes companies like Animoca Brands, Lalamove, and Day Day Cook. In 2020, he invested in ByteDance, the parent company of TikTok, and facilitated the listing of the genetics and diagnostics company Prenetics in the U.S. through his privately held SPAC. Additionally, Zheng became the first external strategic investor in Hong Kong-based phone case company CASETiFY.#ZhengZhigang #NewWorldDevelopment #realestate #assetmanagement #innovativetechnology #virtualassets #Jingyu #NFT #TheSandbox #AnimocaBrands #ByteDance #CASETiFY #investment #SAND
🚀 Retail Landmark K11 MUSEA Sees Surge in Visitor Numbers and Spending During Lunar New Year
#K11MUSEA #NewWorldDevelopment #HongKong #LunarNewYear #Retail #Shopping #Tourism #ConsumerSpending #FootTraffic #RecordHigh
New World Development (0017) has reported an increase in visitors to Hong Kong during the Lunar New Year golden week. According to Ming Pao, the company's international cultural retail landmark, K11 MUSEA, experienced a significant boost in both foot traffic and consumer spending. From February 16 to February 22, which spans from Lunar New Year's Eve to the sixth day of the new year, K11 MUSEA saw a 10% increase in visitor numbers compared to the same period last year, marking a record high for the Lunar New Year holiday since its opening. Additionally, consumer spending rose by 60% year-on-year, with the largest single transaction exceeding 2 million HKD.#K11MUSEA #NewWorldDevelopment #HongKong #LunarNewYear #Retail #Shopping #Tourism #ConsumerSpending #FootTraffic #RecordHigh
🚀 Blackstone's Negotiations with New World Development Face Challenges
#Blackstone #NewWorldDevelopment #Negotiations #Challenges #HongKong #FinancialTroubles #FamilyControl #Expansion #Bloomberg #BusinessNews
Blackstone's discussions with New World Development have encountered difficulties. Bloomberg posted on X, citing sources, that the billionaire family managing the financially troubled Hong Kong developer is hesitant to relinquish control. The reluctance of the family to cede control has become a significant obstacle in the negotiations. The talks are part of Blackstone's efforts to expand its presence in the region, but the family's stance has complicated the process. The situation remains fluid as both parties continue to explore potential solutions.#Blackstone #NewWorldDevelopment #Negotiations #Challenges #HongKong #FinancialTroubles #FamilyControl #Expansion #Bloomberg #BusinessNews
🚀 Hong Kong Property Market Sees Strong Sales Amid Global Concerns
#HongKongPropertyMarket #GlobalConcerns #StrongSales #NewWorldDevelopment #JordanProject #ResidentialSales #MTRCorporation #WheelockProperties #DeepWaterSouth #RealEstate #HongKong #PropertyCompetition #BulkBuyers #HighPricePerSquareFoot #PropertyInvestment
As global attention focuses on the potential escalation of conflict in Iran, Hong Kong's property market is experiencing intense competition. According to Ming Pao, New World Development's (0017) new residential project in Jordan, with a pre-sale period of approximately 25 months, launched all 64 units for sale yesterday. This marks the first new project sale of the Year of the Horse. Within about five hours of the launch, all units were sold out. The developer reserved 12 units for individual buyers, indicating that 52 units, or over 80% of the total, were purchased by bulk buyers. The largest buyer spent over HKD 37 million to acquire two floors, totaling six one-bedroom units.
Additionally, MTR Corporation (0066) and Wheelock Properties' joint venture at Wong Chuk Hang Station, known as DEEP WATER SOUTH Phase 6B, with a pre-sale period of about 20 months, sold eight units through tender for a total of HKD 387 million. The highest price per square foot exceeded HKD 47,000.#HongKongPropertyMarket #GlobalConcerns #StrongSales #NewWorldDevelopment #JordanProject #ResidentialSales #MTRCorporation #WheelockProperties #DeepWaterSouth #RealEstate #HongKong #PropertyCompetition #BulkBuyers #HighPricePerSquareFoot #PropertyInvestment
🚀 Hong Kong's Cheng Family Considers Public Share Sale Amid Property Market Revival
#HongKong #ChengFamily #NewWorldDevelopment #PublicShareSale #DebtObligations #PropertyMarket #MarketRevival #FinancialStability #BillionaireFamily
Hong Kong's billionaire Cheng family is exploring options to address the debt obligations of New World Development, including a potential public share sale. Bloomberg posted on X, highlighting the family's commitment to maintaining control over the company while betting on a recovery in the city's property market. The Cheng family aims to leverage the anticipated market revival to strengthen New World's financial position and ensure its long-term stability. The move comes as the developer faces challenges in managing its debt amid fluctuating market conditions.#HongKong #ChengFamily #NewWorldDevelopment #PublicShareSale #DebtObligations #PropertyMarket #MarketRevival #FinancialStability #BillionaireFamily