New World Development appoints Echo Huang Shaomei as CEO after Eric Ma's brief tenure

New World Development has appointed Echo Huang Shaomei as CEO, replacing Eric Ma, who stepped down after just two months. Ma had taken over from Adrian Cheng in late September amid a record loss of US$2.53 billion. Ma's resignation follows a series of asset sales aimed at reducing the company's debt. This includes the recent sale of its stake in a major sports complex in Kai Tak. The leadership change raises concerns among investors about the company's stability. The Cheng family, which controls 45.2% of New World Development, is among Hong Kong's wealthiest, with a fortune of US$22.1 billion.