Lee Shau-kee: Hong Kong property tycoon dies aged 97

Hong Kong real estate tycoon Lee Shau-kee has passed away at the age of 97. Lee Shau-kee was once the richest man in Asia, and his death marks the end of an era in Hong Kong's business landscape.

The news was released by Henderson Land Development, the real estate company under his leadership. Lee Shau-kee served as the chairman of the company for over 40 years, shaping its growth and success. In a statement, Henderson Land Development said that Lee Shau-kee "passed away peacefully with his family by his side," but did not specify the cause of death.

Lee Shau-kee was one of the wealthiest individuals in Hong Kong, known for his astute business acumen and philanthropic endeavors. In February of this year, Forbes magazine estimated his net worth to be close to $30 billion (approximately £23 billion). Born in Guangdong Province, China, he moved to Hong Kong at a young age, initially engaging in gold and foreign exchange trading before transitioning to the real estate industry.

In 1958, he co-founded Sun Hung Kai Properties (SHKP) with two other founders, which became one of Hong Kong's largest real estate developers. Lee Shau-kee was the fourth child in his family, earning him the nickname "Uncle Four." In 1976, he ventured out on his own and established Henderson Land Development. After retiring in 2019, the company was taken over by his two sons, ensuring the continuation of his legacy.

In 1996, Lee Shau-kee was named the richest man in Asia and was also the fourth richest person in the world at the time, a testament to his business achievements. He was also a philanthropist, making significant contributions to educational centers and projects aimed at promoting employment opportunities. In 2007, he was awarded the Grand Bauhinia Medal, Hong Kong's highest honor, for his contributions to society.

Hong Kong Special Administrative Region Chief Executive John Lee Ka-chiu said in a statement: "Dr. Lee was an outstanding business leader and entrepreneur who made significant contributions to Hong Kong's economic development and the city's prosperity and stability." His contributions have left an indelible mark on Hong Kong.