Foreign Property News | Posted by Aye Myat Thu
Lee Shau-kee has officially stepped down after Henderson Land’s annual general meeting, handing control of the company to his two sons.
Lee’s wealth is estimated at US$31.9 billion by Forbes, overtaking Li Ka-shing’s estimated US$29.6 billion, after 12 years in second place.
Henderson Land Development’s founder Lee Shau-kee became Hong Kong’s wealthiest man on his retirement day, as he handed over the reins of his property company to his two sons, joining a list of the city’s ageing tycoons to make way for their scions to take over.
Lee, who turned 90 in March, is stepping away “due to his advanced age”, Henderson said in a stock exchange filing overnight.
The tycoon did not speak during a press conference held after Henderson’s annual shareholders’ meeting on Tuesday morning, due to a throat ailment.
Known affectionately as Fourth Uncle in Hong Kong, Lee will be succeeded by his two sons Peter Lee Ka-kit and Martin Lee Ka-shing, who will take over the reins as joint chairmen and managing directors.
The succession plan is unchanged from an announcement made in March, when the elder Lee said he was considering a retirement plan.
In a media statement from Henderson, sent before the press conference, Lee said that he would remain involved and advise on important decisions of the company as a director.
Lee also expressed confidence in his two sons, saying that although they have slightly different personalities, they work well as a team and share the responsibilities equally.
“Ka-kit is flexible while Ka-shing is practical. Ka-kit is mainly responsible for the mainland and Ka-shing for Hong Kong,” said Lee. “For the group, the Hong Kong and mainland markets are equally important. Henderson will continue to seek growth in Hong Kong and the mainland in the future.
Ref: Property Report
