(Yicai Global) Jan. 29 -- Li Ka-shing, the 90-year-old billionaire founder of Hong Kong conglomerate CK Hutchison Holdings, has begun grooming a third-generation successor after handing managerial control of the USD38.8 billion company to his eldest son Victor Li last May.

Eldest granddaughter Michelle Li, Victor's daughter, became a director of the family's privately run Chesterfield Realty in December, according to local media reports. The 23-year-old is the first of Li's grandchildren to be roped into the family business, which started out in real estate.

Chesterfield Realty was set up in 1972, the same year CK Hutchison listed on the stock market. The company is in property investment, development, mortgages and other real estate businesses. During 40 years, her appointment is the only change to its previously four-member board, which includes Li Ka-shing and Victor Li.

The family has been careful to protect its third generation. They are accompanied by bodyguards every day and rarely attend public events. When the family held its ancestor veneration ceremony before the Chinese New Year, Michelle Li and her two sisters wore masks, sunglasses and caps to avoid exposure, while Richard Li's younger son didn't attend.