Hong Kong property behemoth New World Development ... Cheng, 44, is a grandson of late billionaire Cheng Yu-tung and was once considered the heir apparent in the sprawling business empire which ...

Henry Cheng, chairman of New World Development and Chow Tai Fook Jewellery, saw his fortune drop $2.6 billion.

The move is rare in Hong Kong’s property industry ... Long assumed to be a favorite of the late patriarch Cheng Yu-Tung, Adrian had until recently been seen as the heir apparent of the business ...