I'm retiring gradually, Henderson Land Development boss Lee Shau-kee says

Henderson Land Development patriarch Lee Shau-kee says he is "gradually retiring" as he presses ahead with more charitable projects, including a youth hostel in Hong Kong.

"I am over 80 and I'm tired. [Retirement] is going to be soon," Lee said in an interview in Beijing. "It's a matter of energy. [I will] retire gradually. Right now I only deal with the most important tasks," the 85-year-old tycoon said.

Lee was among a delegation of more than 70 business leaders and professionals from Hong Kong that met President Xi Jinping in the capital on Monday.

Lee said he had told Xi that he would focus more on charitable projects on the mainland and in Hong Kong. He also told a seminar hosted by Vice-Premier Liu Yandong the next day, in which he spoke about his donations for mainland education, that he was old and wanted to share his wealth through charity.

While Lee does not have a timetable for stepping down, he said his comment last year that he would retire "in five to 10 years" was "inaccurate" and it would depend on his health. Lee said his eyes were not so good, and he wore sunglasses in the interview.

The division of responsibilities between his sons - with Peter Lee Ka-kit handling mainland business and Lee Ka-shing Hong Kong - would remain, he said.

Lee outlined the progress being made on Hong Kong projects. A proposal for a youth hostel in Ma Tin Pok, Yuen Long, "had been approved" by the government pending formalities. A non-profit organisation has agreed to take the 63,000 sq ft site from Lee and build the block, which would yield 1,500 rooms.