Zheng Zhigang Resigns from New World Development: A Shift in Leadership

Zheng Zhigang Resignation: A Shift in Leadership at New World Development

In a significant development within the real estate sector, Zheng Zhigang has announced his resignation as Executive Vice Chairman and CEO of New World Development. Alongside this departure, he stepped down from his roles as a director at various associated companies, including New Creation, Chow Tai Fook, and New World Department Store.

A Visionary Tenure

Zheng’s leadership tenure was marked by his ambition to reform the traditional real estate development model. His focus extended beyond real estate into various sectors, especially in asset management, innovative technology, and virtual assets. This diversification strategy played a pivotal role in shaping the company’s growth and adaptation to modern markets.

Investment Ventures and Innovations

Under his guidance, Zheng founded the private investment platform Jingyu in 2020, which achieved impressive milestones, boasting assets valued at $2 billion by the end of 2021. He also engaged in significant investment projects through C Capital and Flow Capital.

Passion for Virtual Assets

Zheng has demonstrated a strong passion for the realm of innovative technology and virtual assets. Notably, he invested $5 million in virtual real estate within The Sandbox, a popular virtual world. His involvement with non-fungible tokens (NFTs) includes participating in projects such as Azuki and collaborating with Hex Trust, a virtual asset custodian.

Diverse Investment Portfolio

His investment strategy is both diverse and strategic, encompassing significant stakes in well-known companies. Notable investments include:

• Animoca Brands
• Lalamove
• Day Day Cook

In a landmark move in 2020, Zheng invested in ByteDance, the parent company of TikTok, reinforcing his interest in technology-driven businesses. He also played a crucial role in the listing process of Prenetics, a genetics and diagnostics company, in the U.S. through his privately held SPAC.

Strategic Investments in Consumer Products

Furthermore, Zheng has made waves as the first external strategic investor in the Hong Kong-based phone case company CASETiFY, marking his influence in the consumer products market.

Looking Ahead: The Future of New World Development

Zheng Zhigang’s resignation marks a pivotal moment for New World Development, as the company now faces the challenge of navigating leadership changes while continuing to innovate in a fast-paced market. The future strategy will be critical in determining how the company adapts to evolving trends in real estate and technology.

Conclusion

Zheng’s integral role in both traditional and virtual asset sectors has helped pave the way for a more innovative approach within New World Development. As the company prepares for its next chapter, stakeholders will undoubtedly be watching closely to see how this transition influences its trajectory.