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The company is expected to issue a statement as early as Friday afternoon about Ma’s departure, according to a source familiar with the matter.
In September, NWD’s former CEO Adrian Cheng Chi-hong surprised the market by stepping down after the developer reported a full-year loss of HK$19.7 billion (US$2.53 billion), its largest ever.
The Cheng family, ranked as the third wealthiest in Hong Kong with an estimated fortune of US$22.1 billion according to Forbes, holds a 45.2 per cent stake in New World Development.