Chow Tai Fook executive denies rumours of family rift after patriarch Henry Cheng’s ‘succession interview’

In the bustling city of Hong Kong, a prominent executive of the luxury jewelry brand Chow Tai Fook, Conroy Cheng, addressed the media to dismiss any speculation of a disagreement within the Cheng family regarding who will take over the family's business empire. Conroy, who is also a key figure in the real estate giant New World Development, emphasized that there were no conflicts or issues over property within the family. This statement came after an interview with Henry Cheng, the family patriarch and chairman of both companies, sparked rumors about the future leadership of their vast business, which is worth billions. Henry Cheng, at 76 years old, hinted that he might not necessarily choose a family member as his successor, despite his children holding significant positions in the companies. The Cheng family's influence extends across various sectors in Hong Kong, from jewelry to real estate, and even into energy, transportation, and gaming. At the same press event, Sonia Cheng, who is also a vice-chairman at Chow Tai Fook, mentioned her dedication to evolving the brand, but she too avoided succession-related inquiries. Chow Tai Fook recently reported a substantial increase in profits and revenue, and they plan to expand their retail presence with hundreds of new stores. Conroy Cheng expressed optimism for the coming financial year, anticipating a return to normalcy and growth in sales and profits. In his interview, Henry Cheng shared that passion for business is a critical factor for any potential successor, along with commitment to the family, leadership capabilities, and ethical integrity. However, he acknowledged the challenge in finding such a candidate and suggested that the family might explore other options, such as spin-offs or public offerings, to manage the diverse business needs. The Cheng family also took a strategic step to acquire full ownership of NWS Holdings, a move aimed at reducing New World Development's debt. The company's debt-to-equity ratio, a measure of financial leverage, is expected to improve with this transaction. Despite a decline in net profit last year, the company is taking measures to strengthen its financial position.