Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
New World Development Co suspended trading of its shares in Hong Kong on Thursday following reports that CEO Adrian Cheng is poised to step down. The company announced that trading was halted pending the release of inside information. New World Department Store China Ltd, where Cheng serves as chairman, has also suspended trading.
The Cheng family-owned developer, which recently reported its first annual loss in two decades, is facing a leadership shakeup as current COO Ma Siu-Cheung is expected to replace Cheng as CEO, according to sources. New World is struggling with asset writedowns and rising debt levels, contributing to a projected loss of up to HK$20 billion (US$2.6 billion) for the financial year ending in June.
The company's debt burden has raised concerns among investors, particularly in the context of high borrowing costs and a sluggish property market. New World’s net debt to equity ratio was 82.7% last year, significantly higher than rivals like Henderson Land Development Co and Sun Hung Kai Properties Ltd.
Analysts predict that New World will need to sell more assets, potentially at lower prices, to avoid a liquidity crisis. Despite the turbulence, management changes are seen as potentially boosting investor confidence, with new leadership likely to focus on accelerating debt repayments.
Adrian Cheng, who became CEO in 2020, transformed the company into a more innovative brand but also oversaw the accumulation of heavy debt. His resignation would mark a significant moment in Hong Kong’s family-controlled property sector, as succession planning for the Cheng family conglomerate remains under scrutiny.
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