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24 Apr

New World Development Board Appoints Two New Female Executive Directors

Boosts Women on its Board to 25%

Empowering Women’s Leadership is a Strategic Priority for the Business

New World Development Company Limited is pleased to announce the appointment of Ms. Echo Huang Shaomei and Ms. Jenny Chiu Wai-Han as executive directors with effect from 1 May 2020. With two new members joining the board at New World Development, female executives will now occupy 25% of seats, the highest proportion among major property developers in Hong Kong, China, exceeding the average for Hang Seng Index (HSI) and mainland boards, at 13.6%[1] and 9.63%[2] respectively.

In addition, the board of directors also announced that Dr. Adrian Cheng Chi-Kong’s role in the Company will be re-designated from Executive Vice-chairman and General Manager to Executive Vice-chairman and Chief Executive Officer, effective from 1 May 2020.

Adrian Cheng Chi-Kong said, “I would like to extend a very warm welcome to the two new board members. With their professional knowledge and extensive experience, I am confident that they will make significant contributions to the sustainable development of the company. The promotion of gender equality and the appointment of women in leadership roles are important trends for all leading enterprises worldwide. The presence of more women in the boardroom will broaden the range of perspectives available to the Company, enhance the effectiveness of decision making and invigorate the quality of management. The Group will continue to encourage more women to take up senior management positions, and this will benefit the company substantially in the long run.”

According to a survey conducted by Community Business, a non-profit organisation, the percentage of women on Hang Seng Index (HSI) Boards was just 13.6% as of 2 January 2020. The Women in the Boardroom Survey 2019 from the Deloitte China Center for Corporate Governance shows that among 70 companies in Hong Kong, China including 50 companies on the HSI and 20 companies with the largest market value on the Hong Kong Growth Enterprise Market (GEM), the percentage of women on boards is at 13.32%. The percentage is only 9.63% in the Mainland. The appointment of female executives increases the representation of New World Development’s female board members to a quarter. In future, New World Development will continue its commitment to promoting female in leadership.

Ms. Echo Huang Shaomei joined the Group as the Deputy Chief Executive Officer of New World China Land Limited (NWCL) in October 2015 and promoted to Director & Chief Executive Officer of NWCL in February 2020. She is also a director of certain subsidiaries of the Group. Ms. Huang has over twenty years of experience in the real estate sector, having served in a consulting capacity for large-scale urban infrastructures, urban planning and urban renewal in mainland China for extensive periods, providing the Government of the People’s Republic of China with professional recommendations on property development and urban planning. Prior to joining the Group, Ms. Huang held senior position with an international consulting firm. She was appointed as managing director (Southern China) of a Hong Kong-listed property developer, overseeing its property development throughout the southern China region. She has proven experience in China’s real estate sector.

Ms. Jenny Chiu Wai-Han joined New World Development in 2004 and is currently the Senior Director – Human Resources of the Company. Ms. Chiu is responsible for planning and driving full spectrum of strategic human resources direction, including talent acquisition, talent development and management, reward management and human resources partnering services. Prior to joining the Group, she had taken up managerial role in renowned corporations in information and communications technology services and property development industries. Chiu is an Associate Member of The Hong Kong Institute of Chartered Secretaries and The Chartered Governance Institute.

[1] Data from a survey conducted in January 2020 by Community Business

[2] Data from “Women in the Boardroom Survey 2019” by Deloitte China Center for Corporate Governance