Tycoon was generous in 'giving back to society'

Staff reporters

Lui Che-woo was once Asia's richest man for a short period during the 2014 casino stock boom, according to Bloomberg Billionaires Index.

The majority of his wealth was derived from a stake of around 50 percent in Galaxy Entertainment, a Macau-based and publicly traded casino operator, as well as 56 percent of developer K Wah International.

Due to the casino stock boom back in 2014, Lui had a net worth of US$29.6 billion (HK$230.88 billion), US$100 million ahead of Li Ka-shing, who had been top ranked since April 2012.

That estimate, made by Bloomberg, differed from Forbes', which said Lui only had US$21 billion, US$11 billion short of Li's US$32 billion.

In any case, there was no doubt about his wealth, with Lui most recently the 168th richest man in the world, according to Bloomberg, and seventh on the list of richest people here with a net worth of US$12.1 billion.

Despite his fortune, Lui had said he believed that wealth "should be given back to society."

He donated US$1.2 billion in 2015 to set up the Lui Che Woo Prize - Prize for World Civilization in Hong Kong, which honors and recognizes those who work for sustainable development, contribute to the welfare of mankind and promote a positive life attitude and the enhancement of positive energy.

He also dedicated considerable effort to education in China over the years by sponsoring construction and renovations at 122 primary and secondary schools in seven provinces.

In 2012, Lui was honored with the Grand Bauhinia Medal - the highest accolade in Hong Kong - for his commitment to social and charitable endeavors, as well as significant contributions across various sectors.

Back in 2012, Lui divided his assets and businesses among his three sons and two daughters, with his eldest son Francis Lui Yiu-tung taking over Galaxy operations in Macau.

Francis Lui, 67, currently serves as vice chairman of both K Wah Group and Galaxy Entertainment Group and has been named the "most influential person in the Asian gaming industry" for six years in a row.

Another major part of the empire, K Wah Group's property projects, was handed over to youngest son Alexander Lui Yiu-wah, 61.

Lui's hotel business here has been taken over by his eldest child, 69-year-old Paddy Tang Lui Wai-yu, while his second son Lawrence Lui Yiu-nam takes charge of the US hotel business.

His youngest daughter, Eileen Lui Wai-ling, is in charge of administration.

In September, Lui celebrated his 95th birthday with a grand dinner hosted by his five children, which was attended by political, business and education heavyweights.

Lui said: "I am grateful to God for blessing me with children and grandchildren and a happy life. I would like to express my heartfelt thanks to all and the concern you have always shown our family."

Lui last appeared in public at the end of August as he welcomed athletes from the national team who competed in the Paris Olympics.