Hong Kong’s second richest man, Lee Shau Kee, stepped down as chairman of Henderson Land Development today, the latest of the city’s golden generation of billionaires to retire as their progeny take over.
The nonagenarian tycoon is among the hugely influential coterie of Hong Kong’s 20th-century oligarchs, with Lee carving his empire from a real estate market now notorious for its sky-high prices.
Ranked second on Forbes’ rich list with a fortune of $30 billion, Lee will officially retire “due to his advanced age” after his last annual general meeting on Tuesday, a statement from Henderson Land Development said.
The 91-year-old is handing over the reins to his sons, Peter and Martin Lee, as joint chairmen and managing directors, the statement said, adding the elder Lee will remain as an executive director of the company.
“He can spend more time with the family now and play with his grandchildren more,” Martin Lee told reporters Tuesday, speaking for his father who was not feeling well enough to talk.
Lee will be in good company in retirement amid a seeming generational shift. Hong Kong’s richest man, Li Ka-shing, 90, last year stepped aside and put his son Victor in charge of the family empire. Gambling tycoon Stanley Ho, 97, also retired last year and handed the reins of his flagship company to his daughter, Daisy.
According to Bloomberg, Lee immigrated to Hong Kong from the mainland in the mid-20th century, and got his start trading in gold and currencies before moving into property with several partners in 1958. He struck out on his own in 1973, later forming Henderson Land.
“When I was young, I experienced the period of war and turmoil. Life was very hard back then, but I survived through the adversity and continued to build my career,” Lee told Bloomberg in a recent interview. “Comparatively speaking, Hong Kong is already a paradise. I really have no fear nor worry.”
