BREAKINGVIEWS-New World paves Hong Kong developers’ way to China

Reuters12-02

BREAKINGVIEWS-New World paves Hong Kong developers’ way to China

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Chan Ka Sing

HONG KONG, Dec 2 (Reuters Breakingviews) - The $2 bln property firm’s second CEO in as many months is an expert in mainland real estate, suggesting an urgent need to deepen ties there. New World’s $20 bln debt pile may be hastening the move, but broader pressures will push healthier peers like CK Hutchison to follow suit.

Full view will be published shortly.

CONTEXT NEWS

Hong Kong property conglomerate New World Development on Nov. 29 promoted Echo Huang, head of its mainland property business, to the role of CEO. She replaces Eric Ma, who only took the top job in September. Ma replaced Adrian Cheng, the third-generation scion of the controlling Cheng family.

Xia Baolong, director of Beijing’s Hong Kong and Macau Affairs Office, has urged property tycoons to “recognize their responsibilities” and back the government’s long-term plans such as the Northern Metropolis project, a new town adjacent to Shenzhen about one-third the size of Hong Kong. Hong Kong Secretary for Development Bernadette Linn told the media about Xia’s appeal on Nov. 9, the same day as Beijing’s point man on Hong Kong met with about 30 local business leaders in a closed door meeting in Shenzhen.

(Editing by Antony Currie and Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on CHAN/ KaSing.Chan@thomsonreuters.com))

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