Self-made billionaire Lee Shau Kee, who built one of Hong Kong’s largest property empires, has died peacefully at the age of 97. He was announced as the second-wealthiest person in Hong Kong with a net worth of $30 billion.
Lee’s company, Henderson Land Development, stated that he passed away surrounded by his family. Lee founded Henderson Land in 1976 and was chairman until 2019 when he handed over the reins to his sons Peter and Martin, making them co-chairmen.
As one of the first generation of entrepreneurs in Hong Kong, Lee played a significant role in shaping the city’s real estate market. He cofounded Sun Hung Kai Properties with Fung King Hey and Kwok Tak Seng, but later went on to establish Henderson Land. The company developed major projects, including Hong Kong’s northern reclaimed town of Sha Tin and the iconic International Finance Centre.
Lee’s success catapulted him to become Asia’s richest person in 1996, with a net worth estimated at $12.7 billion. He credited his wealth accumulation to diligence and frugality, emphasizing that “wealth will come only when the time, place and opportunity are favorable.”
Born in 1928, Lee was known for being the fourth-born child in a merchant family from Shunde, China. His early life involved working with his family’s gold, silver and currencies exchange business since he was six years old.
Lee also devoted his time to philanthropy, particularly through the Hong Kong Pei Hua Education Foundation, which benefited nearly 1.3 million people in mainland China. He gifted over HK$1 billion ($128 million) and 600 million yuan ($83 million) to universities in Hong Kong and mainland China.
Lee’s legacy continues as Henderson Land remains a major player in Hong Kong’s real estate market, with a reserve spanning about 45 million square feet.
Source: https://www.forbes.com/sites/zinnialee/2025/03/17/hong-kong-real-estate-billionaire-lee-shau-kee-once-asias-richest-person-dies-at-97