Adrian Cheng, the mega-collector and regular on ARTnews' Top 200 Collectors list, has announced his new venture ALMAD Group after resigning as CEO of his family's Hong Kong property firm New World Development Co. (NWD) last year. The company will focus on digital assets, blockchain technologies, and immersive digital experiences across entertainment, sports, and media in mainland China, Southeast Asia, and the Middle East. ALMAD has absorbed Cheng's art-meets-commerce platform K11 by AC, which includes the K11 Craft and Guild Foundation, the K11 Art Foundation, and the K11 Art Malls that pair luxury retail with exhibitions by artists like Damien Hirst and Takashi Murakami.
This matters because Cheng's move signals a major shift from traditional real estate and art patronage into the volatile world of Web3 and blockchain, even as the NFT frenzy has cooled. His departure from NWD came after the company reported a $2.5 billion loss and secured an $11 billion refinancing package to avoid default, with its $40 billion in Hong Kong assets representing roughly 10% of the city's GDP. For the art world, the absorption of K11 into ALMAD raises questions about the future of Cheng's high-profile art initiatives, which have been instrumental in promoting emerging Chinese artists and blending luxury commerce with contemporary art.