On the face of it, this year marked a time of radical change for Cheng, who resigned as CEO of New World Development Co, the company set up by his grandfather. He remained in charge, however, of the K11 Art Foundation, which holds exhibitions in its various branded venues (tied to New World’s property portfolio) and arranges discussion forums – labelled ‘Salons’, this year in Seoul, London and Saudi Arabia – as well as artist residences. Also in 2024: the inaugural K11 Artist Prize, designed to support emerging Asian artists and spearheaded by the foundation’s International Council, featuring prominent collectors Sarah Arison and Patrizia Sandretto Re Rebaudengo, and cultural strategist Alia Al-Senussi among its members. Cheng said his resignation permits him more time for public service, which includes chairing the Hong Kong government’s Mega Arts and Cultural Events Committee, responsible for providing incentives to major international events (such as Art Basel’s HK edition), and the various museum boards he attends, including New York’s MoMA PS1 and the Met, Paris’s Centre Pompidou and London’s Tate and Royal Academy of Arts.