Shares of New World Development Co. surged more than 5% on Tuesday after reports emerged that the Hong Kong property developer is considering replacing billionaire heir Adrian Cheng as its chief executive officer.
The potential management shake-up follows New World Development's first annual loss in two decades due to writedowns, according to a report by Bloomberg News. The company is weighing options to replace Cheng, who has served as CEO since 2018, as it seeks to turn around its business and improve financial performance.
The news of a possible CEO change fueled investor optimism that fresh leadership could help steer New World Development in a new direction and implement strategies to revive growth and profitability. The stock closed at HK$32.50, up 5.13% on the day, as investors reacted positively to the prospect of a management reshuffle at the top of the struggling real estate firm.
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