Tycoon Lee Shau-kee has set up a $50 billion fund for investing in Hong Kong and the mainland as he bids to become the Chinese equivalent of his role model Warren Buffett, the world's second-wealthiest man. The fund, Shau Kee Financial Enterprises, was formally established yesterday from Mr Lee's personal fortune amassed since 1973. Mr Lee expects the fund to achieve an annual return of between 10 per cent and 20 per cent by investing in equities and equity-related instruments, overseas and local investment properties, currencies, funds and bonds. 'I always dream about becoming like Warren Buffett [the boss of Berkshire Hathaway], who is so good at equity investments,' Mr Lee said. 'It would be very nice just to have 20 per cent or 30 per cent of his talent. 'I am positive about the Hong Kong and China markets given that more mainland firms are going public in Hong Kong and local operations of major international financial institutions are expanding fast. This reflects a very promising prospect for financial investment.' Mr Lee believes Hong Kong could be the Switzerland of Asia, with a strong potential to develop into a world-class asset management centre. 'Hong Kong enjoys a low tax rate regime, a sound financial system, a liberal foreign exchange policy, a good legal foundation, comprehensive infrastructure facilities and ample talented professionals,' he said. Mr Lee's latest investment has been to subscribe for shares in the Housing Authority's troubled $21.3 billion real estate investment trust, the Link Reit. Shau Kee Financial and Mr Lee's listed property flagship Henderson Land Development were allocated 472,000 shares each, he said. Colin Lam Ko-yin, a director of Shau Kee Financial and Henderson, said that Mr Lee had received an accumulated $25 billion in dividends from his stake in Henderson since the company was listed in 1981. The return growth of Mr Lee's accumulated wealth stood at 44 per cent for the 10 years to 1994, he said.