THE private investment vehicle of Hong Kong billionaire Henry Cheng’s family has appointed one of his sons as co-chief executive officer, the latest development in the family’s closely-watched succession saga.
Christopher Cheng will be in charge of North Asia investment for Chow Tai Fook Enterprises, according to a statement on Friday (Aug 30). The office also appointed Patrick Tsang – an in-law to the family – as the head of Americas, Australia and Europe. Gilbert Ho, co-CEO of infrastructure-to-insurance conglomerate NWS Holdings, will look after corporate functions and operations.
Four of the elder Cheng’s children now lead key parts of the family’s sprawling business empire. Adrian is the CEO of real estate developer New World Development Co, Sonia serves as a joint vice-chairman for Chow Tai Fook Jewellery Group and Brian is co-CEO of NWS.
Henry Cheng remains in charge of the family office and chairman of all three companies.
The family has been embroiled in a succession saga following Henry Cheng’s public statement that he is still looking for an heir, and that he may bring in outside talent. That has put Adrian in the spotlight, who was widely seen as the strongest candidate to take over the family’s business group.
The elder Cheng said he has closely worked with the three new leaders of Chow Tai Fook Enterprises in different parts of the family business, and that the office strives to create positive impact and drive results for its stakeholders and wider communities, according to the statement. BLOOMBERG
