Tycoon Lee Shau-kee dies at 97

Staff reporters and Bloomberg

Henderson Land Development founder Lee Shau-kee died last night surrounded by his family. He was 97.

Lee, once the fourth-richest man in the world and the richest man in Asia, died peacefully, the developer said. Funeral arrangements will be announced later.

The developer described Lee as a distinguished business leader with far-reaching influence and a strong network of connections.

Chief Executive John Lee Ka-chiu said the tycoon was an "outstanding business leader and entrepreneur," who made significant contributions to promoting Hong Kong's economic development, prosperity and stability.

For his achievements he was awarded the Grand Bauhinia Medal - the highest award under the city's honors and awards system - in 2007, according to John Lee.

"[Lee Shau-kee] was also a highly respected philanthropist, excelling in education and social services, including generously donating to numerous universities and higher education institutions in Hong Kong and the mainland over the years, passionately supporting the development of higher education and talent cultivation," John Lee said.

"The Lee Shau Kee Foundation and the Hong Kong Pao Hua Education Foundation, which he established, are also dedicated to advancing educational development, particularly focusing on the educational and research development of the Chinese community."

Known as "Uncle Four" - he was the fourth child in his family - Lee Shau-kee was part of a generation of Chinese tycoons who immigrated to Hong Kong in the mid-20th century, a period of turmoil in the mainland, and built companies that have grown to dominate the local business scene.

Born in Shunde, Guangdong, in 1928, Lee started his career in currency and gold trading before moving into property.

In 1958, along with seven partners - including prominent Chinese businessmen Kwok Tak-seng and Fung King-hey - Lee created a real estate business.

Five years later, he founded Sun Hung Kai Properties - now the city's biggest developer - with Kwok and Fung but left to start Henderson Land in 1976. The three were called the "three musketeers."

Through his sharp market vision and decisive leadership, he transformed the company into one of Hong Kong's leading property developers, with diverse operations spanning residential, commercial real estate and infrastructure.

He served as chairman of Henderson, Hong Kong and China Gas, also known as Towngas, and Miramar Hotel & Investment, as well as vice chairman of SHKP. He was also a director of institutions such as Bank of East Asia, Hong Kong Ferry and Union Hospital.

He participated in public service roles, including as a member of the Preparatory Committee's Selection Committee for the Hong Kong SAR, and as honorary president of the Shun Tak Fraternal Association. Henderson highlighted his compassion and dedication to philanthropy, noting: "Dr Lee was a leader who upheld fairness and integrity. He was deeply respected and admired by employees, and his legacy of generosity and leadership will forever inspire us."

Through his foundation, Lee dedicated himself to charitable causes, focusing on education and community welfare. His contributions amounted to billions.

Lee stepped down as chairman of Henderson Land and Towngas in 2019 when he was 91 and handed the reins to his two sons, Peter Lee Ka-kit and Martin Lee Ka-shing, to oversee its mainland and Hong Kong businesses respectively.

Financial Secretary Paul Chan Mo-po, Secretary for Development Bernadette Linn Hon-ho, Secretary for Housing Winnie Ho Wing-yin, and Secretary for Education Christine Choi Yuk-lin expressed condolences to Lee's family.