Zheng Zhigang Resigns From Key Positions at New World Development

According to Odaily, Zheng Zhigang has announced his resignation as Executive Vice Chairman and CEO of New World Development. He has also stepped down from his directorial roles at New Creation, Chow Tai Fook, and New World Department Store. During his tenure as CEO of New World, Zheng aimed to reform the traditional real estate development model. He has also been involved in numerous private investment projects outside of real estate, focusing on asset management, innovative technology, and virtual assets. For instance, he founded the private investment platform Jingyu in 2020, which had assets worth $2 billion by the end of 2021. Zheng has also participated in investments through C Capital and Flow Capital. Zheng is passionate about innovative technology and virtual assets. He invested $5 million to purchase a virtual land plot in The Sandbox and has been involved in NFT projects like Azuki and virtual asset custodian Hex Trust. His investment portfolio also includes companies like Animoca Brands, Lalamove, and Day Day Cook. In 2020, he invested in ByteDance, the parent company of TikTok, and facilitated the listing of the genetics and diagnostics company Prenetics in the U.S. through his privately held SPAC. Additionally, Zheng became the first external strategic investor in Hong Kong-based phone case company CASETiFY.