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.
“Born into a small merchant’s family in Shunde in Guangdong province, Lee came to Hong Kong when he was barely 20 with less than HK$1,000 to make his way in the world,” said the tycoon’s biographer Anita Leung Fung-yee in 1999.
He famously lived in the same Mid-Levels apartment complex - named Eva Court after his ex-wife - for 26 years. When the family moved into the 22-storey apartment in 1984, Lee chose to use the guest bedroom measuring 200 square feet (18.6 square metres), letting his elder son Peter enjoy the master suite.
Henderson Land is also a member of the consortium that built the second International Finance Centre (Two IFC), the city’s second-tallest building. The company has also diversified into a number of businesses over the decades, principally as owner of Towngas, Hong Kong’s sole supplier of natural gas. At one time, Lee’s group of companies made up 4 per cent of the capitalisation of Asia’s third-largest stock market.
Henderson Land’s core profit, excluding revaluation gains on investment properties, rose 1 per cent last year to HK$19.77 billion, missing an analyst estimate by 3 per cent.
Sales dropped 21 per cent to HK$21.98 billion, lower than the HK$23.6 billion average estimate by 11 analysts in a Bloomberg survey. The company said it would pay a final dividend of HK$1.3 per share, as well as a 1-for-10 bonus issue.
Shares of the company rose 1.1 per cent to HK$46.10 in an advancing market before Lee’s announcement.
