Li Ka-shing says elder son Victor will be his successor in principle
Billionaire, who turns 89 in July, said his younger son Richard Li Tzar-kai is engaged in different business of his own, which continues growing
Billionaire Li Ka-shing, for decades one of the world’s wealthiest tycoons, has named his elder son Victor Li Tzar-kuoi as his successor in principle, a day after the Cheung Kong group clarified that he had “no concrete timetable” to retire from the global conglomerate.
Li, who turns 89 in July, said his younger son Richard Li Tzar-kai is engaged in different business of his own, which continues growing.
“Arrangement for the group’s business has been well prepared. They (Victor and Richard) have their own businesses,” he told the media outside his home in Clearwater Bay in Hong Kong on Wednesday morning.
Li’s appointment of a clear successor is an extension of his 2010 plan to split his business empire between his two sons. The Cheung Kong companies, making up about 4 per cent of Hong Kong’s stock market capitalisation, has businesses in property, telecommunications, retailing, utilities and container ports.
Known in Hong Kong as “Superman Li” for his knack of building empires out of ordinary businesses, the succession of the city’s wealthiest family is a closely watched affair, especially since Cheung Kong’s range of businesses touches a substantial aspect of the Hongkonger’s daily life.