Henry Cheng Kar-shun, born on December 11, 1946, in Guangzhou and raised in Hong Kong, is the eldest son of the late Cheng Yu-tung, the legendary founder of Chow Tai Fook and New World Development. Over five decades, Henry has moved from a young director learning the ropes to the chairman of a sprawling conglomerate that spans jewellery retail, property, infrastructure, and hotels. His story is one of quiet stewardship, family loyalty, and the relentless pressures of managing a multigenerational empire in one of the world’s most competitive business environments.
Early Life and Education
Henry Cheng was born into a family already steeped in commerce. His grandfather, Chow Chi-yuen, had started a goldsmith business in 1929, and his father, Cheng Yu-tung, expanded it into the Chow Tai Fook jewellery chain. After completing his secondary education in Hong Kong, Henry pursued a business degree at the University of Western Ontario in Canada, graduating with a master’s in business administration in 1971. That same year marked his return to Hong Kong, where he quickly assumed a role in the family’s fast-growing property arm, New World Development, which had listed on the Hong Kong Stock Exchange in 1972.
Joining the Family Business
At just 26, Henry was appointed a director of New World Development in 1972, the same year the company went public. Working closely with his father, he gained hands-on experience in property development, hotels, and infrastructure. Throughout the 1970s and 1980s, he played a key role in major projects, including the construction of the Hong Kong Convention and Exhibition Centre in 1985, a landmark that cemented the family’s reputation in the city’s real estate sector. In 1989, he was elevated to managing director of New World Development, a position that gave him operational control over the group’s expanding portfolio.
Building the Empire: From Property to Jewellery
Under Henry’s leadership, New World Development diversified beyond property. The group invested heavily in infrastructure, hotels, and retail. In the early 2000s, Henry oversaw the restructuring of the group’s port and infrastructure assets into what became NWS Holdings (now CTF Services), streamlining operations. Meanwhile, the family’s jewellery business, Chow Tai Fook, was growing rapidly. Henry was instrumental in the 2011 initial public offering of Chow Tai Fook Jewellery Group, which transformed the chain from a private family firm into a global retail powerhouse with thousands of stores across China and Asia. He also served as chairman of Chow Tai Fook Enterprises, the family’s private investment vehicle.
Leadership and Governance
In 2012, following his father’s retirement, Henry became chairman of New World Development, while his son Adrian was appointed executive director. Henry also held chairmanships at Chow Tai Fook Jewellery Group, NWS Holdings (now CTF Services), and New World Department Store China. His governance style has been described as cautious and relationship-driven, focusing on long-term value rather than aggressive expansion. In 2013, he was elected a standing committee member of the 12th Chinese People’s Political Consultative Conference (CPPCC), reflecting his influence in Hong Kong and mainland China affairs.
Recent years have seen a series of board changes. In 2021, Henry resigned as chairman of New World Department Store China to focus on other commitments, but in January 2026 he was reappointed as chairman and executive director. In 2023, he stepped down from the nomination committee of CTF Services, and in April 2025, he ceased to be chairman of the nomination committee of New World Development.
Family and Succession
Henry Cheng married Yip Mei-king, and they have four children: Adrian, Sonia, Brian, and Christopher. Adrian Cheng, once seen as the heir apparent, served as CEO of New World Development until 2024, when he stepped down amid the company’s debt challenges and fully exited the family business in 2025 to pursue independent ventures. Sonia Cheng is vice chairman of Chow Tai Fook and CEO of Rosewood Hotel Group. Brian Cheng is co-CEO of CTF Services, and Christopher Cheng is co-CEO of Chow Tai Fook Enterprises. The family remains tightly knit, with the next generation increasingly taking on leadership roles.
Philanthropy and Public Service
Henry Cheng has a long record of philanthropy. In 2007, New World Development and the Cheng family donated RMB 50 million to build the National Aquatics Center (the Water Cube) for the Beijing Olympics. In 2022, Chow Tai Fook Jewellery Group donated RMB 120 million to the Beijing Sport University Education Foundation to establish the Henry Cheng Champion Training Fund. In 2023, Henry personally donated RMB 20 million to the China Charity Federation for disaster relief in the Beijing-Tianjin-Hebei region. He has also received honorary doctorates from several universities and was awarded the Gold Bauhinia Star in 2001 and the Grand Bauhinia Medal in 2017 by the Hong Kong government.
Net Worth Estimates
Henry Cheng’s personal wealth is difficult to pinpoint precisely, as it is largely tied to his family’s holdings in publicly traded companies and private assets. Forbes estimates his net worth in the tens of billions of U.S. dollars, ranking him among Hong Kong’s richest. Below is a summary of recent estimates from reliable sources; these are unverified third-party estimates and should be treated as such.
| Source | Published Amount (USD) | Date/Year | Caveat |
|---|---|---|---|
| Forbes (Hong Kong’s 50 Richest) | 26.1 billion | 2026 | As of February 2026; includes family holdings, estimate only |
| Hurun Global Rich List | 24.3 billion (converted from RMB 170 billion) | 2026 | March 2026; family wealth, estimate only |
| Forbes (Hong Kong’s 50 Richest) | 19.5 billion | 2025 | February 2025; family wealth, estimate only |
Note: These estimates vary due to methodology, timing, and market fluctuations. They should not be considered definitive.
Recent Developments and Legacy
As of 2026, Henry Cheng remains chairman of Chow Tai Fook Jewellery Group, New World Development, and CTF Services. He continues to navigate the group through a challenging property market and evolving retail landscape. In 2026, the Henry Cheng Robotics Research Institute (Guangzhou) was inaugurated, signaling a push into technology and innovation. Despite the departure of his eldest son from the family business, Henry’s other children are firmly entrenched in leadership, ensuring the family’s influence endures.
Frequently Asked Questions
Who is Henry Cheng?
Henry Cheng is a Hong Kong billionaire and the chairman of Chow Tai Fook Jewellery Group and New World Development, two of Asia’s most prominent companies.
What is Henry Cheng’s net worth?
Forbes estimated his family’s net worth at $26.1 billion in 2026. These figures are estimates and can fluctuate with market conditions.
How old is Henry Cheng?
He was born on December 11, 1946, making him 79 years old as of November 2026.
Who are Henry Cheng’s children?
He has four children: Adrian, Sonia, Brian, and Christopher, all of whom have held roles in the family business.
What companies does Henry Cheng lead?
He is chairman of Chow Tai Fook Jewellery Group, New World Development, and CTF Services (formerly NWS Holdings).
Featured image: User:Celticshk / Wikimedia Commons (CC BY-SA 3.0).
