Adrian Cheng, former scion of Hong Kong’s NWD, expands K11 brand in Xiamen

Adrian Cheng, the former scion of Hong Kong's New World Development (NWD), is broadening the reach of his K11 cultural retail enterprise in mainland China, launching a standalone venture as his family's property firm battles significant debt. The Xiamen K11 Select, developed jointly by Cheng's K11 by AC Group and the state-owned Xiamen Rail Transit Group in Fujian province, has already drawn over 2 million visitors since opening on September 22, with sales surging 32 percent week-on-week, according to a recent statement.

Spanning 95,000 square meters (over 1 million square feet), the complex is home to approximately 200 brands, with around 80 making their national, provincial, or regional debuts. Adrian Cheng, speaking at the opening ceremony, highlighted that China's inaugural wetland conservation-focused retail, art, and cultural tourism destination in Xiamen has achieved robust operating results since its inauguration, demonstrating the efficacy of the 'cultural commerce' model he has developed over the past 16 years.

This expansion sees Cheng's cultural retail concept venture into ecotourism, physically connecting the shopping complex to an 85-hectare wetland park via a 1km elevated walkway. The development also features art exhibitions, restaurants, and public spaces, underscoring his aspiration to create destinations that transcend the confines of shopping.

In September 2024, Cheng stepped down as NWD's CEO and subsequently relinquished his position on Chow Tai Fook Enterprises, the family's investment holding company. He subsequently established Almad Group in 2025, with K11 by AC pursuing cultural retail and entertainment ventures independently of NWD. The Xiamen launch arrives as NWD divests assets and economizes to alleviate its debt load.

On Wednesday, the group disclosed a net loss of HK$26.8 billion (US$3.42 billion) for the fiscal year ended June, attributing the loss to impairments and provisions linked to the premature closure of its flagship 11 Skies mall project.

During the earnings briefing, NWD's CEO Echo Huang affirmed that Xiamen K11 Select is distinct from NWD's operations, emphasizing that Cheng's investments and asset-light management activities have no affiliation with the group. Adrian Cheng, the grandson of late tycoon Cheng Yu-tung and son of property developer Henry Cheng, founded K11 in 2008 and spearheaded the development of ventures such as Hong Kong's K11 Art Mall and K11 Musea.