(Yicai Global) Feb. 6 -- Lee Shau Kee, chairman of Henderson Land Development, has surpassed Li Ka-shing to become Hong Kong's most well-heeled, according to the 2020 Forbes Hong Kong Rich List.

Li had held onto the top spot as the special administrative region's wealthiest since the list's inception 12 years ago.

Lee's net worth climbed slightly to USD30.4 billion from USBD30 billion, but this was enough to tip the scales as Li's fell to USD29.4 billion, down from USD31.7 billion last year.

Shares of Li's property company CK Asset plunged nearly 18 percent last year when the firm posted a 38 percent drop in first-half net profits.

Editor: Ben Armour