Lee Shau-kee, a renowned Hong Kong real estate tycoon and investor often referred to as the “Warren Buffett of Hong Kong,” passed away on Monday at the age of 97. The company he co-founded, Henderson Land Development, announced his death without providing details.
Born in 1928 in southern China, Lee made his fortune by building tens of thousands of apartments for middle-class refugees from mainland China. He founded Henderson Land Development in 1976 and grew it into a massive real estate development firm with a presence in hotels, department stores, and natural gas distribution.
Lee’s business strategy was based on predicting that wages would rise faster than property prices, making apartments more affordable to buyers and renters. His company built the new town of Sha Tin, which became home to over 500,000 people.
Under Lee’s leadership, Henderson Land Development underwent significant changes. He staffed his management with relatives, including family members who held senior positions. Despite facing criticism from some analysts, Lee remained confident in his investment plans and made profitable investments in financial stocks and new ventures.
Lee’s legacy is complex, marked by both success and controversy. His sons, Peter and Martin, took over the company after he stepped down as chairman in 2019. The tycoon was known for his strong sense of filial piety, which included building a mausoleum on his family’s ancestral land.
With an estimated net worth of $29.2 billion at the time of his death, Lee Shau-kee leaves behind a significant business empire and a legacy as one of Hong Kong’s most influential figures.
Source: https://www.nytimes.com/2025/03/17/business/lee-shau-kee-dead.html