Henderson Land's Lee, Hong Kong's Second-Richest Man, to Step Aside in May Aged 90
Liao Shumin
/SOURCE : yicai
Henderson Land's Lee, Hong Kong's Second-Richest Man, to Step Aside in May Aged 90

(Yicai Global) March 21 --  Hong Kong's second-richest man Dr. Lee Shau-kee is considering to let  his two sons take over the reins of Henderson Land Development at his mature age of 90.

Lee is paving the way for  Peter Lee Ka Kit and Martin Lee Ka-shing to serve as the property  developer's co-chairs and general managers, if the shareholders' meeting  on May 28 accepts his plan to resign as chairman, the Hong Kong-based  firm said in a statement yesterday. The founder would stay onboard as a  director.

Lee is the last  first-generation billionaire to retire among Hong Kong's 'Big Four  Families' including those of Li Ka-shing, Cheng Yu-tung and Kwok  Tak-seng. Hong Kong's richest man Li waited until he was 89 to resign as  the chairman of CK Hutchison Holdings and CK Asset Holdings last May,  naming his eldest son, Victor Li Tzar-kuoi, as the successor.

Born in Shunde in  Guangdong province, Lee left for Hong Kong in his teens, and built an  empire of six listed companies, including Miramar Group hotel manager  and Towngas, Hong Kong's sole supplier of natural gas. His real-time net  worth is USD31.2 billion, giving him the 29th rank on Forbes' global  billionaires list. 

In addition to purchasing property, Lee has been an avid stock investor, buying the dips of the dot-com bubble and the post-9/11 terrorist attacks. He used to prepare a piece of paper filled with investment advice when having interviews with the media.

Editor: Emmi Laine 

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Keywords: Lee Shau-kee , Billionaires , Big Four Families , Hong Kong Housing