Adrian Cheng

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Adrian Cheng
鄭志剛
Born1979 (age 42–43)
Alma materHarvard University
OccupationBusiness executive
Years active2000s-present
Known forFounder of K11 & K11 Art Foundation
TitleCEO & Executive Vice-Chairman of New World Development
Term2015-present
Parent(s)Cheng Yu-tung (grandfather)
Henry Cheng (father)
Chinese name
Traditional Chinese鄭志剛
Simplified Chinese郑志刚

Adrian Cheng Chi-kong (Chinese: 鄭志剛, born 1979) is a Hong Kong entrepreneur and business executive.[1][2][3] He is the CEO and executive vice-chairman of the Hong Kong-listed New World Development,[4] and executive director of jewelry company Chow Tai Fook.[5] He is also the founder of K11, which has a portfolio of commercial, cultural and residential projects.[6][7][8] He is the son of property developer Henry Cheng and grandson of Cheng Yu-tung.

Early life and education[edit]

Cheng was born to Katherine Ip and Henry Cheng in 1979. He has two younger siblings, Sonia Cheng and Brian Cheng.[9] Cheng is also the grandson of property developer, Cheng Yu-tung.[10][11]

Cheng was educated in his teenage years in the United States, when he attended Taft School in Connecticut.[12] Following his time at Taft, Cheng enrolled at Harvard University. Cheng graduated from Harvard University with a Bachelor of Arts (Cum Laude) honours degree.[13] Cheng later went to Japan to study Japanese culture for a year.[14]

He received an honorary Doctorate from the Savannah College of Art and Design (SCAD) and in 2014 an Honorary Fellowship from Lingnan University.[15]

Business career[edit]

Early in his career, Cheng was a banker at Goldman Sachs and UBS.[2] In 2002, Cheng left UBS AG Cheng to join his family's business Chow Tai Fook Holdings.[6][11] In 2002, he became executive director of the listed Chow Tai Fook Jewelry Group.[6][14][7]

In March 2007, Cheng became executive director and a board member at New World Development,[16][11][10] a Hong Kong-listed company.[11][10][17][18][19] In 2012, he became joint general manager of New World Development and was also recognised by the World Economic Forum in the same year as a Young Global Leader.[20][21] He later became executive vice-chairman of NWD in 2015.[22]

In 2008, Cheng founded K11, a concept focused on "museum-retail".[21] Cheng's first K11 museum-retail mall opened in Tsim Sha Tsui, Hong Kong in 2009. It later opened a branch in Shanghai. Since then, other branches have been opened in Guangzhou, Hong Kong, Shanghai, Shenyang, and Wuhan.[23][24] He founded the K11 Art Foundation (KAF) in 2010, which focuses on promoting and supporting Chinese artists and their works.[25] He initiated collaborations between internationally recognised museums and art institutions such as Palais de Tokyo in Paris,[26] and Institute of Contemporary Arts (ICA) in London,[27] showcasing Chinese artists. The foundation also has an art village in Wuhan.[21] In 2012, Cheng featured in Fortune magazine's 40 Under 40 list.[28] His work with K11 led him to be included in the ArtReview Power100 list several times since 2014, most recently in 2021.[29][30][31][32]

In 2017, Cheng led the Victoria Dockside redevelopment of land held by New World since the 1970s, at a cost of $2.6 billion.[23][24][33] As different phases of the development completed, new K11 ventures opened. This included K11 ARTUS, a luxury waterside residence that opened in the second half of 2019.[34] The development also included the flagship K11 ATELIER, a Grade A office building.[35]

His philanthropic work led him to be featured in the 2017 edition of Asia's Heroes Of Philanthropy, published by Forbes magazine.[36] He also launched C Ventures (rebranded as C Capital in September 2022), an investment fund investing in fashion, media and lifestyle start-ups.[37][38] In 2018, Cheng founded the K11 Craft and Guild Foundation, a non-profit organisation to identify fast-disappearing crafts and offer public initiatives.[39]

In June 2019, he was named the "first global ambassador" of the Council of Fashion Designers of America (CFDA).[40] In September 2019, Cheng presided over the announcement that New World would donate 3 million square feet of agricultural land to the government for public housing and related facilities, NGOs and to charities to develop social or transitional housing. Up to a third of the land was to be donated to an affordable social housing project.[41]

In 2019, Cheng was rewarded by the French government with Ordre des Arts et des Lettres.[42] It was following K11's collaboration with Cannes Film Festival, which hosted its first ever film week in Hong Kong the same year.[43] In October 2019, he became executive director of NWS Holdings, New World Development's infrastructure arm.[44] On February 13, 2020, Cheng was named the executive chair of the New World subsidiary New World China Land, while keeping his role as executive vice-chairman of New World Development.[45] As of 2020, he runs two private Hong Kong investment ventures: C Ventures and K11 Investment.[46] Leaving his position as general manager, he was promoted to CEO of New World Development in May 2020.[5] In October 2020, Cheng oversaw NWD's acquisition of the State Theatre Building in Hong Kong for redevelopment.[47] A team of conversation consultants were setup to preserve the 68-year old building, which is a Grade 1 historical building.[47] Towards the end of the same year, Cheng first mentioned his and New World Developments vision for improving environmental, social, and corporate governance in Hong Kong. Creating Shared Value, abbreviated to CSV, was Cheng's proposal which he defined as "a connection between social progress and business success." The first project he believed this could be delivered on was the State Theatre site.[48]

During the Covid-19 pandemic, Cheng launched Lovewithoutborders. The movement aimed to provide international assistance to those that required help. The project subsequently donated over 1.5 million masks to Europe in early 2020.[49] Donations were also made to low-income families in Hong Kong and a large shipment of over 1 million masks went to mainland China.[50] In September 2021, Cheng announced the establishment of a new non-profit organisation, New World Build for Good.[51] It aims to alleviate the housing shortage in Hong Kong.[52] In November 2021, Cheng announced that he would build virtual land in The Sandbox’s metaverse.[53]

In 2022, Cheng led an initiative to help underprivileged Hongkongers. The crowd-donation platform, Share for Good, allows for donations of goods and supplies from donors.[54] Shortly after its launch, donations of essential supplies were made by the private sector on the platform, to assist those affected by coronavirus epidemic.[55] 11 SKIES was announced as another concept developed by Cheng, which is to be located near Hong Kong International Airport. The announcement came in May 2022, and focuses on providing retail, dining and entertainment without the need to travel into the city.[56] In June 2022, Cheng spoke about the expansion of subsidiary Humansa's health and wellness facilities in the Greater Bay Area. This followed a number of partnerships and acquisitions by the healthcare firm.[57] In July 2022, it was announced K11 would be launching K11 ECOAST, the first of its kind in mainland China. The $1.4 billion development is to be constructed in Shenzhen on its waterfront.[58]

In July 2022, Cheng was part of the Hong Kong honours list, when he received the Silver Bauhinia Star. The recognition came following his efforts to improve the city of Hong Kong.[59] In October 2022, Cheng was a recipient of the Ordre national du Mérite from the French government. During the presentation of the award, Consul General of France Christile Drulhe, stated Cheng "has been working tirelessly to foster stronger relations between France and Hong Kong."[60] During the same month, he also received an Honorary University Fellowship in The University of Hong Kong.[61]

Boards and committees[edit]

He is on the boards of companies such as New World Development, Giordano International, Chow Tai Fook Enterprises, and New Century Healthcare Holding Company, among others. He is chairman of the China Young Leaders Foundation.[16]

Cheng holds a number of art-focused board positions including,[62] Visiting Committee of The Metropolitan Museum of Art,[62] Member of TATE’s Asia Pacific Acquisitions Committee,[62] and Member of International Circle of Centre Pompidou.[62]

Personal life[edit]

Cheng is married to Jennifer Yu.[63][64] He is known as a collector of contemporary art.[21]

Cheng has two younger siblings, Sonia Cheng and Brian Cheng.[8][10]

References[edit]

  1. ^ General, Ryan (February 20, 2017). "Meet the Harvard Graduate Who's Heir to the World's Biggest Jewelry Empire". NextShark. Retrieved December 18, 2018.
  2. ^ a b Master, Farah (May 13, 2013). "Adrian Cheng: updating a Hong Kong family empire for a changing China". Reuters. Retrieved December 18, 2018.
  3. ^ "Adrian Cheng Launches C Ventures, an 'Investment Club' With Eye on Youth Culture". Business of Fashion. 11 October 2017.
  4. ^ "Corporate | New World Development Company Limited Official Website". www.nwd.com.hk. Retrieved 8 October 2015.
  5. ^ a b "Dr. Adrian Cheng Chi-Kong - Executive Vice-Chairman | New World Development Company Limited". www.nwd.com.hk. Retrieved 2021-12-02.
  6. ^ a b c "About Us > Board of Directors | Chow Tai Fook Jewellery Group Limited". corporate.chowtaifook.com. Archived from the original on 2016-05-20. Retrieved 2016-05-17.
  7. ^ a b "How New World heir Adrian Cheng combines his passion for art with entrepreneurship". 10 March 2015. Retrieved 2015-09-30.
  8. ^ a b "5 Things To Know About Victoria Dockside". Asia Tatler. 26 April 2018.
  9. ^ Handley, Lucy (5 July 2019). "Sonia Cheng: The Rosewood CEO on her family and her Hong Kong hotel". CNBC. Retrieved 6 March 2020.{{cite web}}: CS1 maint: url-status (link)
  10. ^ a b c d Davies, Paul J. (2013-10-08). "Adrian Cheng adds shine to Chow Tai Fook brand". Financial Times. ISSN 0307-1766. Retrieved 2015-09-30.
  11. ^ a b c d "Adrian Cheng moves up after K11 artistry - The Standard". www.thestandard.com.hk. Archived from the original on 2015-09-08. Retrieved 2015-09-30.
  12. ^ "Adrian Chi-Kong Cheng | #BoF500 | The Business of Fashion". Retrieved 2015-09-30.
  13. ^ Sito, Peggy (November 14, 2020). "New World's Harvard-educated scion upends Hong Kong developers' 'build and sell' business model as city sits at crossroads". South China Morning Post.
  14. ^ a b Frew McMillan, Alex (25 October 2011). "Still in Control, Hong Kong Property Tycoons Face a Younger Generation". CNBC. Retrieved 2015-09-30.
  15. ^ "Adrian Cheng profile". CTF Education Group.
  16. ^ a b New World Development - Chi-Kong Cheng, Bloomberg
  17. ^ "Brave new world as Cheng retires - The Standard". www.thestandard.com.hk. Retrieved 2015-09-30.[permanent dead link]
  18. ^ "Reflections of Siem - The Standard". www.thestandard.com.hk. Retrieved 2015-09-30.[permanent dead link]
  19. ^ "New World founder makes way for son at top of developer". Reuters. 2012-02-29. Retrieved 2015-09-30.
  20. ^ Shakirah Mohd Muslimin, Anis (November 14, 2017). "Asia's Richest Families 2017: The Next Generation Of Wealthy Business Dynasties". Forbes.
  21. ^ a b c d Harris, Gareth (2014-10-24). "Arts interview: Adrian Cheng". Financial Times. ISSN 0307-1766. Retrieved 2016-05-17.
  22. ^ "Home | New World Development Company Limited Official Website". www.nwd.com.hk. Retrieved 2016-05-17.
  23. ^ a b "New World's Victoria Dockside Breaks Record For Kowloon Office Rents". Mingtiandi.com. 8 January 2018. Retrieved June 25, 2018.
  24. ^ a b "From swanky to retro-cool: 9 exciting attractions coming to Hong Kong". CNN. Retrieved June 25, 2018.
  25. ^ "The Foundation - K11 Art Foundation". Retrieved 2015-09-09.
  26. ^ "K11 Art Foundation's Chinese-French Connection at FIAC - artnet News". artnet News. 23 October 2014. Retrieved 2016-03-16.
  27. ^ "ICA and K11 Art Foundation present Zhang Ding: Enter the Dragon | Institute of Contemporary Arts". www.ica.org.uk. Archived from the original on 2016-03-20. Retrieved 2016-03-16.
  28. ^ "40 Under 40 2012". Fortune.
  29. ^ "Adrian Cheng / Power 100 / Art Review". artreview.com. Retrieved 2016-03-16.
  30. ^ "Top 10 Young Art Collectors | Larry's List - Art Collector Interviews and Art Collector Email Addresses". www.larryslist.com. Retrieved 2016-03-16.
  31. ^ "Meet 20 of the World's Most Innovative Art Collectors". news.artnet.com. 29 October 2014. Retrieved 2016-03-16.
  32. ^ "Adrian Cheng Awarded Officier de L'Ordre des Arts et des Lettres". Cobosocial. 15 December 2017.
  33. ^ "Victoria Dockside". Skyscraper Center. Retrieved June 25, 2018.
  34. ^ Choi, Martin (March 29, 2019). "Hong Kong hotel industry has capacity to continue to grow despite economic uncertainty and manpower shortage". South China Morning Post.
  35. ^ Owen, Suji (April 2, 2020). "Hong Kong design duo on Quarry Bay's K11 Atelier office building and the making of a cool weekend space". South China Morning Post.
  36. ^ Koppisch, John (June 28, 2017). "Asia's 2017 Heroes Of Philanthropy". Forbes.
  37. ^ US, FashionNetwork com. "Adrian Cheng's C Ventures continues funding spree, makes strategic investments in Finery and Undone". FashionNetwork.com. Retrieved 2021-06-28.
  38. ^ Olsen, Robert. "How Adrian Cheng Is Rejuvenating A 50-Year-Old Business By Targeting China's Millennials". Forbes. Retrieved 2021-06-28.
  39. ^ "Experience a unique art-inspired luxury stay at K11 Artus". Lifestyle Asia. July 19, 2021.
  40. ^ van Elven, Marjorie (June 3, 2019), CFDA names Adrian Cheng as its first global ambassador, Fashion United, retrieved June 26, 2020
  41. ^ "New World donates 3 million square feet of land". RTHK. 25 September 2019. Retrieved 4 October 2019.
  42. ^ Branche, Philippe. "Adrian Cheng: Le Milliardaire Hongkongais Ambassadeur De La Culture Française" (in French). Forbes.
  43. ^ Hill-choi, Lee (October 15, 2019). "Everything you need to know about Hong Kong's first Festival de Cannes Film Week". South China Morning Post.
  44. ^ Stella, Zhai (October 11, 2019), Adrian Cheng Takes over NWS, The Standard, retrieved June 26, 2020
  45. ^ Hatton, James (February 13, 2020), New World Scion Adrian Cheng Named Chair of China Business, Mingtiandi, retrieved June 26, 2020
  46. ^ Olsen, Robert (February 5, 2020), "How Adrian Cheng Is Rejuvenating A 50-Year-Old Business By Targeting China's Millennials", Forbes, retrieved June 25, 2020
  47. ^ a b "Hong Kong developer NWD says it will 'create shared value', as it takes control of State Theatre Building site".
  48. ^ Sito, Peggy. "Hong Kong developer NWD says it will 'create shared value', as it takes control of State Theatre Building site". South China Morning Post.
  49. ^ "Adrian Cheng launches LoveWithoutborders; donates 1.5 million surgical masks to Europe; develops nanotechnology masks". Fashion Network. March 24, 2020.
  50. ^ "New World Development's mask dispensers bring relief to the disadvantaged". The Standard (Hong Kong). May 20, 2020.
  51. ^ "Hong Kong developer to offer 300 homes at 50% discount to market price". Reuters. December 6, 2021.
  52. ^ Li, Sandy (September 29, 2021). "Hong Kong's New World Development launches non-profit that will seek innovative solutions to city's housing issues". South China Morning Post.
  53. ^ "Hong Kong Property Tycoon Adrian Cheng Builds Virtual Land In The Sandbox's Metaverse".
  54. ^ Arcibal, Cheryl (March 17, 2022). "New World launches crowd-donation platform Share for Good for Hongkongers to give supplies to Covid-19 patients". South China Morning Post.
  55. ^ Mok, Danny (March 24, 2022). "Hong Kong private sector donates essential supplies to residents affected by coronavirus epidemic". South China Morning Post.
  56. ^ "Greater Bay Area residents will soon be able to buy wealth management, beauty and medical services from Hong Kong's 11 Skies complex". South China Morning Post.
  57. ^ Ka-sing, Lam. "New World Development's Humansa expands footprint in health and wellness in Greater Bay Area with acquisition and partnership". South China Morning Post.
  58. ^ Chow, Vivienne (July 20, 2022). "Hong Kong Mega-Collector and Developer Adrian Cheng Is Building a New $1.4 Billion Seaside Art District in Shenzhen". ArtNet.
  59. ^ "Hong Kong leader John Lee, top judge and Olympic medallists among 890 named on city's honours list". South China Morning Post. July 27, 2022.
  60. ^ "Adrian CHENG nommé Officier de l'Ordre National du Mérité". French Consulate in Hong Kong.
  61. ^ "HKU presents Honorary University Fellowships to five distinguished individuals". The University of Hong Kong.
  62. ^ a b c d 周静. "Art impressario (sic) Cheng brings Monet exhibit to Shanghai - China.org.cn". China Internet Information Center. Archived from the original on March 4, 2016. Retrieved 2015-09-30.
  63. ^ Joyce Chen, January 24, 2018, Cheng forays into kids' education, The Standard
  64. ^ "Jennifer Yu Cheng". Columbia Engineering. 2019-07-10. Retrieved 2022-01-28.

External links[edit]