Li Ka-shing wealth drops as HK's richest take a hit

Cici Shi

Hong Kong's 50 richest saw their total wealth contract by about 9 percent to US$296 billion (HK$2.31 trillion) last year, including Li Ka-shing, who remained first on the list but with his net worth diminished by 7 percent to US$36.2 billion, a report by Forbes showed.

Forbes cited a gloomy property sector and sluggish trade landscape. Hong Kong home prices have dropped to the level of seven years ago, and the stock benchmark - the Hang Seng Index - dived 19 percent in the past year.

Li Ka-shing's developer CK Asset has seen its share price decline 20 percent in the past year. The developer has cut the prices of its residential projects to boost sales, and that includes The Coast Line in Yau Tong, with a seven-year low price among new properties in urban areas.

Real estate tycoon Lee Shau-Kee, also known as Uncle Four, remained in second place, with his net wealth down 6.4 percent from a year earlier to US$27 billion. Henderson Land Development, which he founded in 1976, saw its share price shrink 13 percent in 2023.

At No 3 is Henry Cheng Kar-shun, whose family fortune was down nearly US$7 billion to US$22.1 billion - the biggest fall this year in dollar terms due to slowing demand from the mainland.

He said his family business, including Chow Tai Fook Jewellery and New World Development, was still looking for a successor in November last year.

Lee Kum Kee, the world's largest maker of oyster sauce, stood fourth with the Lee siblings holding US$17.7 billion in net wealth - US$1.6 billion lower than last year.

Peter Woo Kwong-ching followed with an estimated US$13.7 billion in wealth. He was the former chair of property developer Wheelock & Co and its main subsidiary, Wharf Holdings. Wheelock was privatized by his son in 2020, who now chairs the company.

Joseph Lau Luen-hung, the former chairman of Chinese Estates, and Lui Che-woo, who chairs Macau casino operator Galaxy Entertainment and property developer K Wah International, ranked sixth and seventh, respectively.

Kwong Siu-hing, the widow of Sun Hung Kai Properties co-founder Kwok Tak-seng, ranked eighth, with an estimated US$11.4 billion net wealth - 19 percent lower than the previous year.

Francis Choi Chee-ming, known as the "King of Toys," ranked 10th and maintained an US$8.2 billion net wealth. He is the founder and chairman of Early Light International, the largest toymaker in the world.

Notably, shipping tycoon Helmut Sohmen, brother-in-law of Woo, boosted his wealth by US$750 million to US$6.25 billion, as his Oslo-listed tanker company Hafnia's share price increased by about 15 percent in the past year.

There are three newcomers on the list - Solina Chau Hoi-shuen, co-founder of Horizons Ventures, an investment firm backed by Li Ka-shing; Chow Shing-yuk, founder of logistics and delivery firm Lalatech; and the Keswick family holding Jardine Matheson, which entered the list after restructuring.