Cheng has been gradually stepping away from his family-related operations, ceasing to be director of New World’s K11 Group and K11 Concepts from November last year.
He also resigned from the board of the listed New World Development starting in July.
His wife Jennifer Yu Cheng left the private company CTF Education Group.
Representatives for Adrian, New World Development and the family firm didn’t immediately respond to requests for comment.
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The family patriarch, Henry Cheng, brought in an outsider, Echo Huang, as New World CEO to steer the firm through a turbulent period. The developer has been trying to grapple with its heavy debt amid an unprecedented property downturn.
The Cheng family is considering injecting capital into New World as early as the end of the year, people familiar said earlier this week. The family is willing to contribute about HK$10 billion ($1.65 billion) and is seeking a partner that can provide a roughly similar amount for an equity stake, to establish a joint venture to provide liquidity to New World, the people added.
New World still needs more funding to help it cut debt and sustain its operations, despite securing an US$11 billion ($14.17 billion) loan refinancing deal earlier this year.
