AsiansInvest

Family capital / Hong Kong

Hong Kong

Cheng family

Chow Tai Fook was founded in 1929 in Guangzhou by Chow Chi-yuen as a gold and jewelry business. Cheng Yu-tung, who became Chow's son-in-law, took it over in 1956 and built it into a Hong Kong institution, then founded New World Development in 1970 with a partner, merging their property holdings.

Real estateJewelry & luxury retailVenture capital

How the fortune was built

Cheng Yu-tung built New World into a diversified conglomerate spanning property, infrastructure, and hotels, while Chow Tai Fook Jewellery grew into one of the world's largest jewelry retailers, listing in 2011. His grandson Adrian Cheng later added K11 art-mall developments. New World has since hit serious financial trouble, posting its first annual loss in over 20 years in FY2024 and narrowly avoiding default via an $11.3 billion refinancing completed in 2025.

Where the family invests today

The family's private holding company, Chow Tai Fook Enterprises, makes direct investments in technology, healthcare, and consumer businesses estimated to control assets over $25 billion. Adrian Cheng separately founded C Ventures (later C Capital) in 2017, backing Xiaohongshu, Shein, and Animoca Brands among others, but fully exited family-business management through 2024–2025, resigning from New World's and Chow Tai Fook Enterprises' boards; his father Henry Cheng remains chairman, with day-to-day leadership now split among three co-CEOs.

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Frequently asked questions

What is the history behind the Cheng family?
Chow Tai Fook was founded in 1929 in Guangzhou by Chow Chi-yuen as a gold and jewelry business. Cheng Yu-tung, who became Chow's son-in-law, took it over in 1956 and built it into a Hong Kong institution, then founded New World Development in 1970 with a partner, merging their property holdings.
How did the Cheng family build its fortune?
Cheng Yu-tung built New World into a diversified conglomerate spanning property, infrastructure, and hotels, while Chow Tai Fook Jewellery grew into one of the world's largest jewelry retailers, listing in 2011. His grandson Adrian Cheng later added K11 art-mall developments. New World has since hit serious financial trouble, posting its first annual loss in over 20 years in FY2024 and narrowly avoiding default via an $11.3 billion refinancing completed in 2025.
Where does the Cheng family invest today?
The family's private holding company, Chow Tai Fook Enterprises, makes direct investments in technology, healthcare, and consumer businesses estimated to control assets over $25 billion. Adrian Cheng separately founded C Ventures (later C Capital) in 2017, backing Xiaohongshu, Shein, and Animoca Brands among others, but fully exited family-business management through 2024–2025, resigning from New World's and Chow Tai Fook Enterprises' boards; his father Henry Cheng remains chairman, with day-to-day leadership now split among three co-CEOs.