HK tycoon Lui Che-woo passes away at 95

Lui Che-woo, who chaired Macau casino operator Galaxy Entertainment Group and Hong Kong property developer K. Wah International Holdings, passed away at the age of 95.

In a statement released on Hong Kong Stock Exchange late tonight, the Galaxy Entertainment Group announced “with great sadness that Lui passed away peacefully at the age of 95 on November 7.

“Lui made invaluable contributions to the group. His vision, tremendous leadership and guidance were the foundations for the group’s development and continued success,” the statement read.

The statement also said Lui’s passing “will not have any impact” on the operations of the group and a new chairman will be appointed and announced in due course.

Lui's wealth reached US$14.5 billion (approximately HK$113 billion), placing him at 168th on the Bloomberg Billionaires Index, where he currently holds the 7th position in Hong Kong.

Lui originates from humble beginnings, having grown up in times of war and economic hardship. With hard work and dedication, he built his first fortune through a small food business. 

That ignited his passion for entrepreneurship, ultimately leading him to become the renowned "King of the Quarry" and a prominent hotel magnate.

Lui established the K. Wah company in 1955 and developed his construction materials business in post-war Hong Kong. He then embarked on property investments, before setting sights on hotel development in the 1980s.

Lui also set foot in Macau's gaming business and became one of the six gaming operators in the hub.

Under his leadership, the company has developed into a conglomerate with more than 200 subsidiaries and businesses, spanning construction materials, property development and investment, hospitality, entertainment and leisure resorts in China, Hong Kong, Macau, Southeast Asia and other major cities worldwide. 

Lui is also enthusiastic about supporting education and charity.

One of his selfless kind gesture is donating US$1.2 billion in 2015 to establish the annual international "Lui Che Woo Prize" to honor and recognize those who have promoted world civilization through sustainable development, contributions to the welfare of mankind and promotion of positive life attitude and enhancement of positive energy.

He has also dedicated considerable efforts to promoting educational advancement in the country over the years by providing sponsorship for the construction and renovation of 122 primary and secondary schools across seven provinces in China.

Lui also established a HK$1.3 billion GEG Charitable Foundation to help young people build positive moral and life values, as well as foster their patriotism and ethnic identity.

In 2012, Lui was honored with the esteemed Grand Bauhinia Medal (GBM) -- the highest accolade within the Hong Kong Honours and Awards System -- to bestowed extensive commitment to social and charitable endeavors, as well as his significant contributions across various sectors.

The tycoon recently celebrated his birthday in Hong Kong two months ago, attracting distinguished individuals from various sectors including politics, business, education, and social spheres.

Lui has five children - Francis Lui Yiu-tung, Lawrence Lui Yiu-nam, Alexander Lui Yiu-wah, Paddy Tang Lui Wai-yu and Eileen Lui Wai-ling. His eldest son Francis oversees Galaxy operations while daughter Paddy and son Alexander focus on K. Wah.