Property developer New World Development on Thursday confirmed that chief executive officer Adrian Cheng has resigned, with chief operating officer and former government minister Eric Ma taking up the role instead.

The announcement was made in a filing to the stock exchange, as the company reported a net loss of HK$17.1 billion in the previous financial year.

"[Adrian Cheng] has tendered his resignation as the chief executive officer of the company to devote more time on public services and other personal commitments," the company said.

It added that Cheng, a grandson of the developer's late founder Cheng Yu-tung, will remain with the company as a non-executive director and a non-executive vice-chairman.

At an online press conference, Cheng said he is thankful for the SAR government's trust in him for appointing him to public roles such as chairing the Mega Arts and Cultural Events Committee and the Hong Kong Academy for Wealth Legacy.

"We should keep learning in life, to do the best at what you’re good at," he said.

"After giving much thought to it for a very long time, I have decided to spend more time in serving public roles in the next stage in life."

He said he had tendered his resignation a few weeks ago, and was glad that his father, company chairman Henry Cheng, was very supportive of his decision.

Adrian Cheng's replacement Ma joined the developer as an executive director in July two years ago, before being made chief operating officer in January this year.

He was a politically-appointed official in the CY Leung administration between 2014 and 2017, having joined the government as an undersecretary for development. He briefly served as development secretary when his boss Paul Chan became finance chief.

The developer's loss in the last financial year follows a profit of HK$3.5 billion in the previous 12 months.

The company saw a 34 percent drop in revenue and a sharp loss in the valuation of investment properties. Loss attributable to shareholders widened to HK$11.8 billion, from HK$419 million a year ago.

The company will not offer a final dividend.

It also said it has entered into discussions with substantial shareholder Chow Tai Fook Enterprises regarding potentially selling it the group's entire stake in the Kai Tak Sports Park.