Eric Ma, a former secretary for development of the Hong Kong government and family outsider who was appointed as New World’s chief operating officer in January this year, will be taking over Cheng’s role. Cheng will become a non-executive vice-chair of New World.

Adrian Cheng, 44, said he resigned voluntarily to focus on public services after the Hong Kong property developer recorded its first annual loss in two decades.

The unexpected announcement followed the conglomerate's first full-year loss in two decades and raised questions about Cheng's future role within the family empire.