Developer Nan Fung Group has named Vincent Cheung Sai-sing, the eldest son of honorary chairman Vivien Chan Wai-wai, as its new chief executive officer.

Cheung takes over from former financial secretary Antony Leung Kam-chung, who was chief executive since 2014.

The appointment will be effective Thursday.

As the new chief executive, Cheung will be responsible for leading, planning and managing business development and operations.

Leung will continue to be the group's chairman.

Cheung said he will cooperate with Leung to find and explore more investment and new development opportunities.

A graduate from the University of California, Berkeley, Cheung joined Nan Fung in 2009 and has been the managing director and the chief operating officer since 2015.

He has been responsible for the group's general operation and investments including suggestion, consultation, and vetting and approval procedures.

Cheung has actively promoted the group's investment and development in related fields of life technology as he is also the founder and chairman of Hong Kong Life Science Society, which is funded by Nan Fung.

Leung, who is also the vice-chairman of the Hong Kong Life Science Society, said that under Cheung's impetus, Nan Fung successfully initiated business in the field of life science and technology, and established a professional team spanning the mainland and the United States, with outstanding results.

Leung believes that under Cheung's leadership, Nan Fung Group would have more diverse, innovative and sustainable growth and development in the future.

Before before joining Nan Fung, Cheung was vice president of interest rates structuring and medium term notes trading at Citigroup Global Markets Asia from 2004 to 2008 and vice president of the interest rates structuring group at Barclays Capital Asia from 2008 to 2009.

Cheung is a member of The National Committee of the Chinese People's Political Consultation Conference for Shanghai City since 2012, and a committee member of the All-China Youth Federation since 2010.

Vincent Cheung named Nan Fung CEO