Adrian Cheng, 44, said he resigned voluntarily to focus on public services after the Hong Kong property developer recorded its first annual loss in two decades.

Eric Ma, a former secretary for development of the Hong Kong government and family outsider who was appointed as New World’s chief operating officer in January this year, will be taking over Cheng’s role. Cheng will become a non-executive vice-chair of New World.

Shares of Hong Kong's major developer, New World Development surged as high as 23% after trading resumed, following the resignation of Adrian Cheng, a member of the founding family. The company halted trading on Thursday following the departure of Cheng.