Lee Shau-kee, Hong Kong’s second-richest man, says he is mulling retirement to hand the reins of Henderson Land to his two sons
- Lee, whose wealth was estimated at US$31.5 billion by Forbes, lived in the same flat for 26 years, preferring to let his elder son occupy the master suite while he used the guest room, measuring 200 square feet
- In a city obsessed with real estate, Lee wasn’t a believer of his own product, observing that property stocks made a “better bet” than actual offices or flats
Lee Shau-kee, Hong Kong’s second-richest man, will retire as chairman and managing director of Henderson Land Development, handing over the keys of one of the city’s largest property developers to his two sons, according to a company announcement.
Lee, who turned 90 two weeks ago, is considering a plan to formally step down after Henderson Land’s annual general meeting on May 28, the tycoon said in a statement to the Hong Kong stock exchange, saying that he is “advanced in age.”
Peter Lee Ka Kit and Martin Lee Ka-shing, the tycoon’s two sons, were appointed as Henderson Land’s joint chairmen and managing directors, the company said.
Affectionately known in Hong Kong as sei suk, or the Fourth Uncle, Lee’s wealth was estimated at US$31.5 billion last year by Forbes. Unlike his fellow property magnates, Lee eschewed the palatial villas and bungalows of Hong Kong until well into his 80s.