New World Development Co. Ltd. Chairman Henry Cheng Kar-shun is on leave to rest as he has recently been ill, The (Hong Kong) Standard reported, citing a company statement.

The company's business operations continue as normal under the leadership of the management and the board, according to the statement.

It is understood that 69-year-old Cheng had a "minor stroke" in January and is recuperating in the Hong Kong Sanatorium & Hospital, local publication Apple Daily reported Jan. 28, citing an undisclosed source.

Despite having movement difficulties, Cheng was said to be conscious and in good condition as the stroke was not life-threatening, according to the source.