Adrian Cheng, former scion of Hong Kong’s NWD, expands K11 brand in Xiamen
Adrian Cheng Chi-kong, former heir apparent to Hong Kong’s New World Development (NWD), is expanding his K11 cultural retail business in mainland China, launching a venture of his own as his family’s property group grapples with heavy debt. Xiamen K11 Select, developed by Cheng’s K11 by AC Group along with state-owned Xiamen Rail Transit Group in the city in the southeastern province of Fujian,…
Adrian Cheng, former heir to Hong Kong’s New World Development (NWD), is venturing into the K11 cultural retail business in mainland China, as his family’s property group struggles with debt. The Xiamen K11 Select, developed by Cheng’s K11 by AC Group in collaboration with the state-owned Xiamen Rail Transit Group in Fujian province, has seen over 2 million visitors since its opening on September 22.
With 95,000 square meters of space, the complex houses more than 200 brands, including around 80 debuting nationally, provincially, or regionally. Cheng, who resigned as NWD’s CEO in September 2024 and subsequently left the board of Chow Tai Fook Enterprises, launched Almad Group in 2025 to pursue cultural retail and entertainment ventures independently of NWD.
The Xiamen project, encompassing ecotourism elements like a 1km elevated walkway connecting the shopping complex to an 85-hectare wetland park, has already drawn substantial success, with sales rising 32 percent week on week. Cheng’s K11 venture, which began in 2008, has expanded to projects such as Hong Kong’s K11 Art Mall and K11 Musea.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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