What: Adrian Cheng is expanding K11 in Mainland China with a Xiamen destination that combines shopping, art, cultural tourism and wetland conservation, under a new "Cultural Tourism District" model.

Why it is important: K11 is now growing on two separate tracks: Cheng's Almad Group takes the concept into new Mainland cities with a "Cultural Tourism District" format, while New World Development recycles its own K11 assets through a Shanghai C-REIT.

Adrian Cheng is expanding his K11 retail concept in Mainland China with Xiamen K11 Select, a 95,000sqm destination with around 200 brands. Developed with Xiamen Rail Transit Group, it sits within the Wuyuan Bay Wetland Park TOD hub and combines shopping, art, cultural tourism and wetland conservation. Cheng said the project introduces a new "Cultural Tourism District" model designed to connect commerce, culture, urban development and nature.

The opening follows Cheng's departure from New World Development (NWD), where he stepped down as CEO in September 2024 and resigned from the board last July. Last year he established Almad Group, which has interests spanning culture, healthcare, entertainment, sports, media, commercial management and cultural tourism; K11 by AC is part of the group. The Xiamen project is separate from NWD's K11 assets, which remain within the Hong Kong-listed property group.

NWD reported net debt of HK$126.3 billion at the end of June, up from HK$120.1 billion a year earlier, and is pursuing a Shanghai C-REIT covering Shanghai K11 Art Mall and Shanghai K11 Atelier NWT. Bloomberg reported that Bain Capital is considering an investment in NWD, following NWD's decision to return the 11 Skies project to Hong Kong's Airport Authority.

IADS Notes: Adrian Cheng's Xiamen project follows his move away from New World Development to build Almad Group, a venture spanning cultural tourism, entertainment, sports, media and healthcare, with the international expansion of K11 by AC at its core, as reported by Inside Retail in September 2025. New World Development, for its part, is recycling capital out of its own K11 assets: the Shanghai Stock Exchange has accepted its proposed C-REIT covering Shanghai K11 Art Mall and Shanghai K11 Atelier NWT, with NWD retaining at least a 20 per cent interest and continuing to operate the properties under the K11 brand, according to Inside Retail's September 2026 report on the spin-off. The brand's commercial momentum on the NWD side remains strong, with K11 Musea's first-half revenue up 40% year-on-year and cultural programming lifting summer tourist spending by 50%, as covered by Inside Retail in September 2026. The culture-led destination format is also taking hold more broadly in Mainland China, as illustrated by Boundless Matro's cross-cultural retail village in Suzhou, reported by Inside Retail in May 2026.

Adrian Cheng takes K11 into Xiamen with culture-led retail model