Since he left New World Development, Cheng has been pursuing new entrepreneurial adventures (he became chairman of the US short-form-content-producer Crisp Momentum in October). He remains very much involved in the running of the nonprofit K11 Foundation, which he founded in 2010, and which partners with other nonprofit institutions and operates its own gallery spaces within K11-branded shopping centres. Cheng, who holds patron positions with MoMA PS1, the Met, Tate, Pompidou and more, pressed on with inaugurating the K11 Hybrid Art and Cultural Centre in Shenzhen, presenting a show by Lu Yang, while launching a new enterprise focused on immersive experiences, K11 by AC, and the inaugural K11 Curator Prize (a biennial award to complement K11’s existing Artist Prize), which went to curatorial partners Li Hanwei and Miao Zijin. Alongside that, K11 Craft & Guild Foundation, founded by Cheng in 2018, is working with partners in mainland China to preserve the country’s fast-disappearing craft expertise and on similar ventures in collaboration with the Palace of Versailles in France.