Lee Shau Kee, Hong Kong’s second richest man who has long been one of the world’s most successful real estate developers, has stepped down as chairman and managing director of real estate developer Henderson Land Development.
Lee’s decision was first officially floated in a filing on March 20. Shareholders approved the move at an annual meeting yesterday, May 28. Lee Shau Kee ranked No. 2 on the annual Forbes Hong Kong Rich List published earlier this year. He has a fortune worth $31.9 billion on the Forbes Real-Time Billionaires List today.
Lee, 91, is succeeded by long-groomed sons Lee Ka Kit, better known as Peter Lee, 56, and Lee Ka Shing, better known as Martin, 48, as co-chairmen. Peter has focused on the family’s mainland business; Martin has fixed his attention on Hong Kong. Lee Shau Kee remains on Henderson’s board as an executive director.
Henderson’s shares have gained 6.6% since Lee Shau Kee’s plans were announced on March 20, suggesting investor confidence in the leadership transition at the business.
Lee Shau Kee grew up in a poor family that could afford to eat fish or meat only twice a month. He cofounded property developer Sun Hung Kai with Kwok Tak-Seng, the father of Hong Kong’s billionaire Kwok brothers. He started Henderson Land Development in 1976; the property giant now makes up the bulk of his wealth. Lee family-led businesses include Hong Kong and China Gas, Henderson Development and Miramar Hotel
A colorful and passionate investor, Lee Shau Kee has been a frequent speaker at Forbes events in Asia. The dedicated philanthropist has donated more than $400 million toward education over the years.
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