Ma Siu-Cheung has resigned as CEO and executive director of Hong Kong property developer New World Development, just two months after taking the helm from Adrian Cheng.

Ma’s departure was effective last Friday after he tendered his resignation to pursue his other personal commitments, the company said in a statement. He also ceased to serve as a member of the executive committee of the board and chairman and a member of the sustainability committee.

Ma replaced Adrian Cheng, the son of billionaire Henry Cheng, as CEO in late September after the company reported a loss of HKD11.807 billion (US$1.52 billion). The loss, largely attributable to writedowns in the business, was the company’s first annual loss in two decades.

Huang Shaomei, Echo, who has been an executive director of the company and CEO of its New World China Land since 2020, was appointed as the new CEO.

New World’s shares resumed trading on Monday after a halt on Friday afternoon and rose more than 6 per cent in the light of the leadership change.

In a separate announcement, the company has agreed to sell its 75 per cent stake in the operating company of Kai Tak Sports Park to Chow Tai Fook Enterprises, the private holding firm of the Cheng family, for HK$416.7 million. The remaining 25 per cent is owned by NWS Holdings, which was taken private by the Chengs last year.