Who is the Hong Kong scion whose billionaire family owns Chow Tai Fook?

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Who is the Hong Kong scion whose billionaire family owns Chow Tai Fook?

Belongings developer Adrian Cheng, 41, is the mastermind behind Hong Kong's K11 Art Mall and the Victoria Dockside projection. Every bit he leads his family unit business into the future, the tertiary-generation scion is keenly focused on projects that benefit society.

24 Feb 2022 06:30AM (Updated: 04 Jul 2022 04:46PM)

In Hong Kong, the Cheng family is ane of the city's most prolific, and as well one of its wealthiest. The Chengs – who own a number of lucrative avails including jewellery chain Chow Tai Fook, hotel group Rosewood, and property empire New World Evolution – are worth a total of U.s.a.$22.ane billion (S$29.one billion), according to Forbes.

New World Development was founded past the belatedly property magnate Cheng Yu-tung back in 1970. The 51-year-onetime family empire's legacy is written on Hong Kong'southward iconic skyline. Nestled amidst a flurry of skyscrapers is the Hong Kong Convention and Exhibition Center (HKCEC), an architectural wonder that boasts curved glass walls and a swooping roof.

New World Center, which in the 1970s was known as 1 of the largest commercial complexes in the world, made mode for the opening of fine art and pattern commune Victoria Dockside in 2018. The development, located on the Tsim Sha Tsui waterfront, has since redefined the skyline of the Kowloon Peninsula.

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Located on the Tsim Sha Tsui waterfront, Victoria Dockside is an art and pattern district featuring a multifariousness of developments, including luxury residences and hotels, art and retail complexes and light-green spaces. (Photo: New World Development)

The homo behind this unique projection is none other than Adrian Cheng, the grandson of Cheng Yu-tung. Last twelvemonth, the third-generation scion took over equally CEO of New Earth Development from his begetter, Henry Cheng.

At 41 years quondam, the younger Cheng represents a new generation of business leaders in Asia taking over the corporate reins from their forebears, often injecting fresh ideas into their family-owned businesses.

"I'm here to reinvent," Cheng said in an email interview with CNA Luxury. "To inject a modernised view equally a cultural entrepreneur on the pillars on which my family founded the family unit business organisation empire through innovation, design, art and culture."

"[My grandfather and father] emphasised the importance of rolling upwardly your sleeves, getting your easily dingy and beingness aware of what'due south going on on the ground."

A Dear FOR THE ARTS

Educated at Harvard, Cheng has e'er had a love for the arts. "I trained every bit a tenor in high school and went to Kyoto to study Japanese arts and civilization during my last year at Harvard, where I got my Bachelor of Arts (Cum Laude) in East Asian Studies. Today, I remain a strong advocate for the arts, alongside creativity and social innovation," he revealed.

Aside from classical singing, Cheng also trained in Broadway, and is an gorging art collector. While the former Goldman Sachs investment broker describes his journey towards joining the family business as "quite natural", he's managed to inject his passion for the arts into the business.

"I always remember virtually how to expand the ecosystem and bring it to the side by side level," he said. "I believe that my experiences studying and working in different countries and industries prepared me for my part at New World Development and gave me the boldness I needed to thrive."

The stunning K11 Musea is regarded equally the centrepiece of Victoria Dockside. (Photo: New World Development)

He broke the mould of retail in 2008 when he founded K11 Grouping, a range of innovative art museum-retail hybrid malls across China.

"I constitute that while people visit galleries to observe fine art, malls to shop, and parks to be surrounded by nature, these universal joys tin can exist integrated seamlessly instead of enjoyed apart. We want to democratise art and create spaces for millennials to learn, acquire knowledge capital and immerse themselves in different cultures," he explained.

Since so, he'due south gone on to conceptualise Victoria Dockside, which he describes every bit the "Silicon Valley of culture in Hong Kong". At the centre of Victoria Dockside is K11 Musea, a cultural-retail destination that brings together 250 retailers, 70 destination restaurants, xl artist installations, and a wide array of educational programmes.

"Victoria Dockside is a place for customers to consume culture, be inspired and learn new knowledge, not just to store," Cheng said. "It is a space to propagate all forms of culture – art, fashion, piece of furniture, gastronomy, sustainability and more – and incubate the next generation of young artistic talents."

An art floor in K11 Musea, conceptualised as a space that democratises art for the everyday shopper. (Photo: New Earth Development)

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TARGETING THE CUSTOMERS OF TODAY

The nativity of K11 Grouping, and revitalisation of the Tsim Sha Tsui waterfront with Victoria Dockside, are role of Cheng'southward vision to target a new group of customers – millennials.

"Young people represent what we can expect for the future in the earth, and it is important to sympathize that current consumer behaviours are very dissimilar from before. Young millennials and the growing Generation Z have really ignited the experience economic system – not only are they hungry for new cultural knowledge and experiences, they are looking for social innovation and inventiveness, and they want to practise something that volition bear on order," Cheng said.

Concluding yr, Cheng unveiled a new vision for the company. "As a millennial myself, I've always been passionate about enriching communities and people'due south daily lives through creativity, culture and innovation. At New Globe, this passion manifests into a vision of creating shared value in the society we live and work in," he said.

This new vision is based on three aspects – empowering civilization and creativity, supporting social innovations and creating a sustainable manner of living. "We are always thinking at least five years ahead, and evaluating the impact of our projects on our future customers. We're committed to expanding our ecosystem and investing in young talent and initiatives that volition proceed generating value for generations to come."

"Young millennials and the growing Generation Z accept actually ignited the experience economic system – non only are they hungry for new cultural knowledge and experiences, they are looking for social innovation and creativity, and they want to do something that will touch society."

Health AND CONSERVATION

Thus far, New Earth'south millennial pivot has proven to be successful. One of the visitor'due south most recent projects, The Pavilia Subcontract, is an ambitious residential development that places sustainability and wellness at the core, two popular concepts among the younger generation.

The holding, situated above Tai Wai MTR station, aims to bring urban-pastoral living to reality. Amongst a bevy of other eco-friendly features and nature-inspired designs, residents are given admission to land on the property, where they tin abound their own crops.

The Pavilia Farm was amongst Hong Kong's acknowledged new flats in 2020. Half of the development'south buyers were under the age of twoscore. "I believe the projection has been successful as information technology meets the needs of futurity generations and sets a new standard for post-pandemic architectural blueprint," Cheng commented.

The Pavilia Farm allows urban dwellers to experience rural farms first-hand, enhancing their physical and mental wellness. (Photo: New Earth Development)

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Looking towards the future, Cheng has several projects planned. "In all our developments, nosotros always want to connect our business success with social progression," Cheng stated.

New Globe is currently working on the preservation of Hong Kong'south 69-year-old State Theatre, a historic building that was once a stalwart of the city's movie theater scene when it opened in 1952. Talk of demolishing the building had gone on for years, earlier Cheng stepped in to spearhead conservation works.

"The theatre volition exist developed into a hub for Hong Kong's cinematic culture for generations to come up, making it a draw for millennials and creating a cultural oasis for the local community," Cheng shared.

The historic Land Theatre is 1 of the last remaining cultural icons of Hong Kong. (Photo: Wikimedia Commons)

A 'FRONTLINE OBSESSION'

With several frontward-looking projects planned, how does Cheng go on himself abreast of millennial trends?

"I live past the proverb xu huai ruo gu past Chinese philosopher Lao Tzu. It means to take a mind as open as a valley. As a leader, I need to be apprehensive and pay attending to the opinions of my team and customers. This is what I phone call a 'frontline obsession'. We must always be obsessed with what is happening on the frontline because the feedback of millennials and Gen Z-ers matter as much as mine," said Cheng.

Though he's been making a proper name for himself as one of the city's most successful belongings developers, Cheng said that the biggest lesson he has learned from his grandfather and father is the importance of humility.

Humility, Cheng shared, is i of the most important lessons he'due south learned from his male parent and grandfather. (Photo: New World Evolution) "As a leader, I need to exist humble and pay attention to the opinions of my squad and customers." "They emphasised the importance of rolling up your sleeves, getting your hands dirty and existence aware of what's going on on the ground. You tin't practise this from the office or from home – information technology must be washed in person to understand the pulse of what's really happening."

While budgetary returns is a priority for the visitor, just as it is for any business, giving back to lodge is just equally important. In tune with today'southward climate, Cheng says that New World was one of the first corporates to assist out in the fight confronting COVID-19.

In Apr 2020, the company established its ain mask production lines to produce 200,000 masks a day, which were given gratuitous to the public in Hong Kong. The company likewise set upward a pandemic fund of US$7 million to fund relief efforts.

Sharing his philosophy backside leading by case, Cheng said, "It is always a responsibility for me to create a better world for our adjacent generation. That is what a responsible leader needs to do, not merely for the company simply the whole guild. We need to take up more, commit more, contribute more, and be not simply active, but proactive for the edification of the globe."

"[Business leaders] need to take up more, commit more than, contribute more than, and exist not just active, but proactive for the edification of the world."

Who is the Hong Kong scion whose billionaire family owns Chow Tai Fook?

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