Adrian Cheng

Adrian Cheng Chi-kong
Born	1979 Hong Kong
Occupation(s)	Entrepreneur, corporate leader
Years active	2002–present
Known for	Founder of K11, former CEO and executive vice-chairman of New World Development, executive director of Chow Tai Fook

Adrian Cheng Chi-kong (, born in 1979) is a prominent entrepreneur and corporate leader from Hong Kong. He is the son of property magnate Henry Cheng and the grandson of Cheng Yu-tung. Formerly, he held the positions of CEO and executive vice-chairman at the family-owned firm New World Development, as well as executive director of the jewelry enterprise Chow Tai Fook. He is also the founder of K11, a diverse portfolio that integrates commercial, cultural, and residential developments.

Early life and education

Born in 1979 to Katherine Ip and Henry Cheng, Adrian Cheng has two younger siblings: Sonia Cheng and Brian Cheng.

His education includes attendance at the Taft School in Connecticut followed by graduation from Harvard University with a Bachelor of Arts degree awarded cum laude. He has received honorary doctorates from the Savannah College of Art and Design (SCAD), along with Honorary Fellowships from Lingnan University, The University of Hong Kong, and Hong Kong University of Science and Technology (HKUST). Additionally, Cheng serves on the Dean’s Council at the Harvard Kennedy School.

Business career

Cheng’s professional journey began in banking with roles at both Goldman Sachs and UBS. In 2002, he joined his family’s enterprise, Chow Tai Fook Holdings, where he took on the role of executive director at the publicly traded Chow Tai Fook Jewelry Group. By March 2007, he had become an executive director and board member at New World Development (NWD). His career progression continued as he was appointed joint general manager in 2012 and then executive vice-chairman in 2015. The World Economic Forum honored him as a Young Global Leader in 2012.

In 2008, Cheng launched K11, introducing the concept of "cultural commerce" by merging artistic elements with retail environments. The inaugural K11 mall opened its doors in Tsim Sha Tsui, Hong Kong, in 2009, followed by expansions into Shanghai, Guangzhou, Shenyang, and Wuhan. In 2010, he founded the K11 Art Foundation (KAF), aiming to elevate Chinese artists through partnerships with international institutions such as Palais de Tokyo and the Institute of Contemporary Arts. KAF also manages an art village located in Wuhan. Recognized by Fortune's 40 Under 40 list in 2012, Cheng further expanded his art ventures by launching K11 Artmall in 2013. His significant contributions to the art sector led to multiple appearances on the ArtReview Power100 list.

Beginning in 2017, Cheng spearheaded the $2.6 billion redevelopment project Victoria Dockside on land owned by NWD since the 1970s. This ambitious project included the introduction of K11 ARTUS luxury residences (2019), K11 ATELIER Grade A office spaces, and the Rosewood Hong Kong hotel—part of New World's acquisition of U.S.-based Rosewood Hotels & Resorts completed in 2011.

He also founded C Ventures (renamed C Capital in September 2022), an investment fund focused on startups within fashion, media, and lifestyle sectors. This fund aims to go public on the Swiss Stock Exchange through a planned merger with Youngtimers AG by July 2025. In addition, he initiated the K11 Craft and Guild Foundation in 2018 to safeguard vanishing traditional crafts.

In June 2019, Cheng was appointed as the first global ambassador for the Council of Fashion Designers of America (CFDA). Later that year in September, New World Development announced a donation involving three million square feet of agricultural land dedicated to public housing and social welfare projects. Also in 2019, he received France’s prestigious Ordre des Arts et des Lettres following K11’s partnership with Cannes Film Festival’s inaugural Hong Kong Film Week.

Cheng expanded his leadership responsibilities by becoming executive director of NWS Holdings (NWD’s infrastructure subsidiary) in October 2019 and assuming the role of executive chair at New World China Land in February 2020 while maintaining his position as NWD’s executive vice-chairman. He was elevated to CEO of New World Development in May 2020.

In October 2020, under his leadership, NWD acquired Hong Kong's Grade 1 historic State Theatre Building for redevelopment based on a "Creating Shared Value" (CSV) strategy that aligns social advancement with corporate success.

January 2021 saw Cheng launch CTF Education backed by a HK$3 billion investment targeting educational initiatives throughout Hong Kong and Greater China, collaborating with institutions such as Benenden School. That same year, he invested in tech accessories company Casetify and formed a partnership with biotech firm Prenetics aimed at enhancing healthcare accessibility; Prenetics subsequently went public on NASDAQ as Hong Kong’s first unicorn listed in the United States.

In May 2022, Cheng unveiled plans for a retail-entertainment complex named 11 SKIES near Hong Kong International Airport intended to serve residents across the Greater Bay Area. His healthcare subsidiary Humansa broadened its presence through acquisitions and strategic partnerships throughout the region. By July 2022, K11 revealed intentions to develop a $1.4 billion waterfront art district—K11 ECOAST—in Shenzhen.

Cheng has been honored with numerous awards including Hong Kong’s Silver Bauhinia Star (July 2022) and France’s Ordre national du Mérite (October 2022) for strengthening Franco-Hong Kong relations. That same month, he received an Honorary University Fellowship from The University of Hong Kong.

In February 2023, Cheng was appointed non-executive director and co-chairman of Meta Media Holdings—the largest fashion and luxury media company in China—which led to a share price increase exceeding 200%. In June 2023, he supported NaaS Technology during its secondary market offering.

Cheng secured Institutional Investor's "Best CEO" accolade for four consecutive years up to July 2024 but was dismissed from his CEO role shortly afterward amid New World Development experiencing its worst financial loss—nearly HK$20 billion—in its over fifty-year history.

Philanthropy

Cheng's charitable contributions earned him a spot in Forbes' 2017 list of Asia's Heroes of Philanthropy. Amid the Covid-19 crisis, he initiated Lovewithoutborders, distributing more than 1.5 million masks across Europe, while also providing aid to economically disadvantaged families in Hong Kong and supplying over one million masks to mainland China.

In June 2021, Cheng participated in a naming ceremony at the Hong Kong University of Science and Technology (HKUST) following a HK$100 million donation from the Chow Tai Fook Charity Foundation to support research, resulting in the Robotics Institute being named in honor of his father. Later that September, he founded New World Build for Good, a nonprofit organization dedicated to tackling Hong Kong’s housing shortage.

In 2022, Cheng led the creation of Share for Good, a crowd-donation platform designed to facilitate private sector donations of goods and resources to assist those affected by the Covid-19 pandemic in Hong Kong.

November 2022 saw the launch of the WEMP Foundation by Cheng, originally established in February 2021 to enhance mental health support for children and families amid a 40% increase in psychiatric cases among those under 18 during the pandemic. The foundation provides counseling services, therapeutic interventions, and financial assistance for severe mental health conditions. By April 2023, WEMP had introduced the Action Team to broaden district-level outreach through initiatives centered on parenting and emotional regulation for children. By March 2024, the foundation had supported over 60,000 children and parents.

In the same month, WEMP co-hosted The Children Ball charity gala in Hong Kong alongside Naked Heart France, an organization founded by Natalia Vodianova Arnault, aiming to raise funds for children with special needs.

Boards and committees

Cheng holds board positions at prominent enterprises including New World Development and Chow Tai Fook Enterprises. On 13 January 2023, he was appointed to the Board of Directors of the Financial Services Development Council (FSDC).

His involvement extends into the arts sector with roles such as WKCDA Board Member of M+ (2016–2018), Founding Benefactor at M+, member of The Metropolitan Museum of Art’s Visiting Committee, Board Member of Asia Art Archive, Trustee of the Royal Academy of Arts, Board Member of The Friends of Guimet Museum, and participant in the International Circle of Centre Pompidou.

On 17 January 2023, the Hong Kong Government designated Cheng as chairman of the Mega Arts and Cultural Events Committee, charged with revitalizing major cultural happenings in the city. Subsequently, on 21 February 2023, he was named to the Culture Commission for a two-year term commencing 1 March 2023. In November 2023, he was appointed Chairman of the Board for the newly formed Hong Kong Academy for Wealth Legacy by the Financial Services Development Council, an institution aimed at establishing Hong Kong as a premier global family office center.

Chubby Hearts

In February 2024, under Adrian Cheng’s chairmanship, the Hong Kong Mega Arts and Cultural Events Committee allocated HK$7.8 million to fund “Chubby Hearts Hong Kong,” an art installation by British designer Anya Hindmarch who is also a tenant at K11 MUSEA. This decision sparked debate regarding potential conflicts of interest and transparency issues related to funding because of Cheng’s ties to the shopping complex.

New World Development's HK$20 Billion Deficit

During Cheng's tenure as CEO, New World Development emerged as Hong Kong's most heavily indebted leading property developer. In the fiscal year ending June 2024, the company announced a loss of HK$19.7 billion (approximately $2.5 billion), marking its largest deficit since its establishment more than five decades ago. Subsequently, Cheng stepped down from his position in September, and by December, New World Development was delisted from the Hang Seng Index.

Personal Background

Cheng is married to Jennifer Yu, and together they have three children. He is recognized for his passion as a contemporary art collector. His family includes three younger siblings: Sonia, Brian, and Christopher Cheng.

External links

• New World Development Company : Dr. Adrian Cheng