Amid a sharp decline in the international art market and in China’s economy, industry giants—including the international auction house Sotheby’s and the Hong Kong property conglomerate New World Development (NWD)—have faced severe financial woes. Adrian Cheng, a major art collector and the eldest son of one of Hong Kong’s wealthiest families, announced in late September that he will be stepping down as CEO of NWD, the most indebted property developer in the city.