Lee Shau-kee Property tycoon Lee Shau Kee, Hong Kong’s second-richest billionaire with a US$30 billion fortune and a legacy of philanthropy, has passed away at age 97, drawing tributes from across the city.
Henderson Land Development, the flagship firm behind his fortune, announced that he passed away peacefully on the evening of Monday, surrounded by his family, as reported by AP.
Hong Kong’s Chief Executive John Lee shared his condolence: "Lee was an outstanding business leader and entrepreneur who had made significant contributions to Hong Kong’s economic development, as well as the city’s prosperity and stability."
The city’s financial secretary, Paul Chan, also wrote a Facebook post paying tribute to the late tycoon, describing him as "a model for the Hong Kong business world."
"(Lee) lived simply and worked hard," Chan said. "He was humble, courteous, humorous, enjoyed doing good and cared for the society. He was not only respected and loved by his employees but was also widely affirmed by the whole society."
As part of Hong Kong’s first generation of property entrepreneurs, Lee built his wealth in the 1960s and 1970s as the city struggled to meet the demand for affordable housing.
He was nicknamed "Uncle Four" as he was born in 1928 as the fourth child in a merchant family from southern China’s Guangdong province, according to Forbes.
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His family led a frugal lifestyle where meat or fish was a rare treat eaten only twice a month, he recalled in his biography.
He began helping with his father’s business, which dealt in gold, silver, and currency exchange, at the age of six and later left for Hong Kong when he was 20.
Lee started out trading gold and currencies but soon turned to real estate, anticipating a long-term housing shortage in the city. He founded Sun Hung Kai Properties, now the city’s biggest developer, with Fung King Hey and Kwok Tak Seng, as reported by Bloomberg.
The company thrived as Hong Kong’s land prices surged in the 1960s, and all three men, known as the "Three Musketeers," went on to become billionaires.
Lee left the firm in 1973 and, three years later, established Henderson Land, which was listed on the Hong Kong stock exchange in 1981. He gradually expanded it into a giant that controls multiple listed firms in the city.
As the firm grew, his net worth surged to US$12.7 billion in 1996, ranking him as Asia’s richest individual and the world’s fourth wealthiest, trailing Bill Gates, Warren Buffett and Paul Sacher.
Lee, like his billionaire peers, played a significant role in advancing philanthropic efforts in both Hong Kong and China. He believed that true success was not just about accumulating wealth.
"I think simply knowing how to make money should not be considered a success. It is equally important to know how to spend it well," he noted.
"Money can become a controlling factor in life and make you a slave to it. One way to avoid that is philanthropy," he said at a 2011 event. "Giving away money to the right cause, with a leveraged effect and your involvement in how it is spent, will ‘give you peace of mind.’"
He contributed to all nine universities in Hong Kong and founded the Hong Kong Pei Hua Education Foundation in 1982 to support education and workforce development in China, as reported by The Standard.
In 2005, his foundation launched The Warmth Project, which donated 330 million yuan (US$45.6 million) to train one million farmers and 10,000 village doctors in China, marking the country's largest charity-based training initiative.
He donated land in 2015 to help develop Hong Kong’s largest youth hostel, which was expected to rent out 1,680 spaces at half the market rates to young people, according to the South China Morning Post. The facility started accepting applications in March 2023.
"I hope everyone (in Hong Kong) can become a small homeowner in the future. When everyone has a flat, everyone will be happy," he once said in his biography.
He fulfilled a promise to donate HK$1 billion to charity after his prediction that the Hang Seng Index would surpass 30,000 proved correct.
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Lee was outspoken on various issues and, on occasion, provided advice to young people. He suggested they save up a small fortune from work but recommended they invest it rather than letting the money sit in a bank.
He also said they should prioritize financial stability before marriage, as the expenses of raising children could make it harder to establish a career.
Lee is survived by two sons and three daughters, all of whom he shared with his ex-wife. He got divorced in 1985 and never remarried.
The succession was not seamless at first, as he hesitated to hand the reins to his sons, believing they were not yet prepared, according to the New York Times.
He shared with Hong Kong journalists in 1998 that his eldest son, Peter Lee, was not yet ready to take control of the family business despite a decade of training, remarking that he would only earn a "passing grade."
Meanwhile, investors and analysts were also doubtful about his younger son, Martin Lee, who had to outgrow his youthful passion for sports cars and nightlife.
Nonetheless, both sons eventually earned his trust. He retired as the firm’s chairman in 2019 after a 38-year run and let them take over as co-chairmen.
"They have done very well with full marks. I am confident to pass them the baton," he said in an interview with Bloomberg around that time.
Beyond business, Lee also instilled in them his own commitment to philanthropy, urging them to not only grow the business but also contribute to society through charitable efforts.
When asked if he would have done anything differently in life, Lee shared that it was regretful that his partnership with Kwok and Fung did not last long.
"I gained not only a great sense of business achievement from working with them, but also a deep friendship that I have treasured my whole life," he said.
But reflecting on his life, he believed he had been lucky all along.
"I am grateful for the universe that offers me opportunities to develop my businesses. I do not have any expertise apart from working hard," he said. "Because the universe has treated me well, I felt that I must pay back to the society in return."
Category: World-News
Tag: Lee Shau Kee Hong Kongs Secondrichest Billionaire who knew how to spend Is Dead
Written by Omooba Alekuwodo (omoobaalekuwodo)
Published 3/22/2025 7:44:46 AM