Shares of Hong Kong's New World Development suspended amid reports CEO to be replaced

New World Department Store China

26/09/2024 01:54

HONG KONG, Sept 26 (Reuters) - Shares of Hong Kong's New
World Development  0017.HK  were suspended from trading on
Thursday after media reports that CEO Adrian Cheng, the third
generation scion of the tycoon family, will be reassigned to a
non-executive role.
    Trading in shares of subsidiary New World Department Store
China  0825.HK  was also suspended.  
    The major Hong Kong property developer is due to announce
its earnings for the financial year ended in June at 0830 GMT.
The company has flagged a net loss of as much as HK$20 billion 
($2.57 billion) for the period.     

($1 = 7.7866 Hong Kong dollars)

 (Reporting by Clare Jim and Donny Kwok; Editing by Anne Marie
Roantree and Muralikumar Anantharaman)
 ((clare.jim@thomsonreuters.com;))