New World Development Co.’s Chief Executive Officer Eric Ma is expected to step down, people familiar with the matter said, in another dramatic development for the Hong Kong property developer mired in leadership woes.

Eric Ma Siu-cheung, the new CEO of New World Development (NWD), will step down just two months after he was named to replace the third-generation scion of the controlling Cheng family, sources said. The company is expected to issue a statement as early as Friday afternoon about Ma’s departure,