Chow Tai Fook executive denies rumours of family rift after patriarch Henry Cheng’s ‘succession interview’
- Conroy Cheng, Chow Tai Fook’s vice-chairman and nephew of Henry Cheng, said there was no discord or disputes in the family over succession plans
- The jewellery retailer reported a 36.4 per cent year-on-year increase in profit to US$577 million for the six months ended September
A top executive of jewellery retailer Chow Tai Fook and a member of Hong Kong’s affluent Cheng clan that controls the property developer New World Development denied rumours of a family rift over succession plans.
At a press conference on Thursday to announce Chow Tai Fook’s interim results, vice-chairman Conroy Cheng Chi-heng categorically denied rumours of family discord or property disputes. Conroy Cheng is also the nephew of Henry Cheng Kar-shun, the patriarch and chairman of Chow Tai Fook and New World Development.
Conroy Cheng also did not respond to questions regarding the group’s possible succession plans, after an unexpected interview with Henry Cheng ignited speculation and uncertainty over the future of the family’s extensive empire, estimated to be valued at around US$28.9 billion, according to Forbes.
During an interview with Hong Kong’s HOY TV on November 18, Henry Cheng, 76, said he may not be seeking a successor within the family. His children include Adrian Cheng Chi-kong, who is the CEO of New World Development, and Sonia Cheng Chi-man, vice-chairman of Chow Tai Fook.
The Cheng family’s empire spans numerous industries, including jewellery, property development, energy, transport and casinos, among others, and holds immense influence in Hong Kong’s business landscape.
