Cheng is the heir of Cheng Yu-tung (grandfather), the founder of Hong Kong conglomerate Chow Tai Fook, engaged in property development, hotels and gaming. Cheng also oversees the New World Development (NWD) Group, which has similar business interests and a key focus on K11 urban mixed-use shopping and lifestyle retail centers.
While driving the expansion of both these businesses, Cheng founded K11, the world’s first museum-retail concept and the charitable K11 Art Foundation.
K11 is expanding in Hong Kong and China with indoor entertainment anchors and key brand partnerships including Merlin Entertainments (LEGOLAND Discovery Center, SEA Life Aquarium) and NatGeo Explorer (iP2), among others. In May 2018, NWD/K11 won the competitive developer bid for SkyCity by HKIA Airport Authority which will be a USD2.5 billion global landmark lifestyle shopping and LBE attraction-anchored destination development covering 350,000 square meters. SkyCity will be the largest integrated retail, dining and entertainment (RDE) development in Hong Kong.
He was appointed a trustee of the Royal Academy of Arts, and is on the boards of MoMA PS1 and M+. He received the title of Officer in the Order of Arts and Letters by the Republic of France in recognition of his efforts to promote French culture in Asia and across the world.