New World's Adrian Cheng launches ALMAD to tap digital, tokenised assets

By Twinnie Siu

 

Adrian Cheng, former chief executive officer of New World Development Co., has announced his next move: a bet on digital assets. 

Cheng has launched ALMAD Group, a company that will explore investing in digital assets and real-world asset tokenisation, according to a statement released Sunday. The former New World boss will be the founder and executive chairman of the company, overseeing its financial and technology investment strategies.

 

The move marks the latest chapter in the career of one of Hong Kong’s best known property executives, who ran New World during a tumultuous period when a prolonged property slump ramped up pressure on both its assets and liabilities. 

 

Cheng resigned as New World’s chief executive last year, after the company suffered its first annual loss in two decades. He has also stepped back from other companies overseen by the powerful Cheng family, of which he was once seen as heir apparent.

 

ALMAD Group, headquartered in Hong Kong, will target digital assets and so-called transformative industry across sectors including entertainment, sports and media, according to the statement. It will look at markets including mainland China, Southeast Asia and the Middle East. 

 

The firm plans to explore investments in a range of blockchain-related technologies. It also pointed to “immersive digital experiences” as being among the areas it would explore.