SHANGAI - Bloomberg

Hong Kong's former housing chief Leung Chin-man resigned from a unit of New World Development Co. after the city's chief executive officer ordered a review of possible conflicts of interest related to the job.
Leung stepped down to “quiet public criticism,” he said in an e-mailed statement yesterday. He will seek employment outside the real estate sector and not ask the government for compensation to avoid wasting public funds, he added.
Donald Tsang, Hong Kong's chief executive, asked for a re-evaluation because the civil service body that cleared Leung to take the job hadn't considered his involvement in the awarding of a 2004 development to a group including a New World unit. Civil service reviews are in place to prevent conflicts of interest when former officials join the private sector"We and Mr. Leung decided to respond to the bigger picture and terminate the contract unconditionally to ease any worries in society,'' New World China Land Ltd. said today in an e- mailed statement. Leung stepped down with immediate effect and won't receive any compensation, it added. New World is controlled by billionaire Cheng Yu-tung.