Hong Kong's second-richest man passes on massive property empire

Lee Shau Kee’s sons will succeed as joint-chairmen of Henderson Land Development Co.

The last of Hong Kong’s property dynasties is handing over the reins to a younger generation, after Lee Shau Kee, the city’s second-richest man, announced his plans to step down as chairman of Henderson Land Development Co., a report by Bloomberg revealed.

Lee’s retirement comes one year after Victor Li, son of Hong Kong’s richest man Li Ka-shing, took over the chairmanship of CK Hutchison Holdings Ltd. and CK Asset Holdings Ltd. from his father.

Lee, who will still advise his sons on major matters, said his elder son Peter will focus on Henderson’s mainland China business whilst younger son Martin will take care of the Hong Kong assets. The scions have been involved in the company since as early as the 1980s, which Lee said made him confident in passing on the baton.

Hong Kong’s Cheng family of New World Development Co.had a similar transition in 2012.

The clans behind Hong Kong's four main property developers are worth a combined US$109b.

Read the full report here.

Photo from Henderson Land Development Co.