From Adrian Cheng’s perspective, there is a lot of opportunity for sustainability in the midst of all the turmoil.
No one needs to be reminded that much of the world is in a tailspin. But from Adrian Cheng’s perspective, there is a lot of opportunity in the midst of all the turmoil, especially in terms of sustainability.
“I’m always quite positive. I look at change in a more contrarian way. When people see a crisis, I, or more my team, will see more opportunity. I try not to conform to a certain code like how if everyone’s panicking, you have to panic,” he said. “I try to look at it in a different perspective. ‘Maybe this was destined to happen to me.’ That will lead me to another path that will force me to think about it in a different perspective.
New World Development divested its commercial assets in Sheung Wan’s Shun Tak Centre and in an apartment complex in the Happy Valley neighborhood for a total of $460 million. Cheng said the decision to divest was because these were properties that NWD only had minority stakes in; therefore it was unable to control, manage and implement its eco-friendly ideas and shared value concepts.
As for the current state of retail in Hong Kong, Cheng noted that a lot of stores rely on 50 percent of their business from tourists from Asia. They have not been traveling to Hong Kong, due to COVID-19 as well as the political turmoil that has engulfed the region for a year or more. “A lot of brands are shrinking the number of stores and consolidating the market,” he said, adding that while consumer confidence has waned the locals are still buying.
He also seemed to take a wait-and-see approach to the next chapter regarding the U.S.’ decision to end Hong Kong’s preferential trade status. “I’m not an expert in politics. We need to look at the details first,” Cheng said. “If you think it’s a responsibility because you’re getting pressured to do it, then it’s not really part of your culture. If it’s part of your culture, then you need to do it regardless of the financial part. When people are really getting hammered or nearing bankruptcy, filing Chapter 11, Chapter 8 or whatever, of course you don’t have the time to do that. There are creditors all over you,” he said. “But in a normal hammering, don’t forget your normal operations.
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