2020-02-01 Forbes Asia

39

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(^5)
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2013 2014 2015 2016 2017 2018 2019
2322222
31.7
36
31.3 30.3
32 33.5
30 30
32.9
(^25) 23.9 23.6
20 20
2020
29.430.4
1

9. JOSEPH TSAI
   $11.5 BILLION
   ALIBABA GROUP
   AGE: 56


10. YEUNG KIN-MAN
    & LAM WAI YING
    $8 BILLION
    BIEL CRYSTAL


11. MICHAEL KADOORIE
    $7.9 BILLION
    CLP HOLDINGS, HONGKONG &
    SHANGHAI HOTELS
    AGE: 78


12. FRANCIS CHOI
    $6.7 BILLION
    EARLY LIGHT INTERNATIONAL
    AGE: 72


13. LAW KAR PO
    $5.9 BILLION
    PARK HOTEL GROUP
    AGE: 71


14. TANG SHING-BOR
    $5.7 BILLION
    ETS GROUP
    AGE: 86


15. TUNG CHEE HWA
    & CHEE CHEN
    $5.6 BILLION
    ORIENT OVERSEAS
    AGES: 82, 77


16. ROBERT MILLER
    $5.5 BILLION
    DFS GROUP
    CHANGE IN WEALTH KEY: UP DOWN UNCHANGED NEW TO THE LIST RETURNEE AGE: 86

Lee, 92, started Henderson in 1976 and
built it into one of Hong Kong’s largest real
estate groups. Sons, Ka Kit, 56, also known
as Peter Lee, oversees business in the main-
land, while Ka Shing, 48, also known as
Martin Lee, is responsible for Hong Kong.
They continue to roll out new projects: The
day after Lee’s resignation, Henderson bought
a 40,000sqm residential plot in Beijing for 3
billion yuan ($432 million). A month later, it
set up a 50-50 joint venture with Shanghai-
based developer CIFI Holdings for each to in-
vest 895 million yuan ($130 million) in a new
residential complex in Hefei, Anhui province.
The developer has also stepped into the
smart home space. At the end of last year,
a Henderson subsidiary partnered with
China’s home-appliance maker Galanz to
make microchips for internet-connected
appliances at a factory in Lee’s hometown
Foshan in Guangdong province.
Li’s family continues to move ahead de-
spite Hong Kong’s turmoil. In October, CK

Asset, headed by eldest son Victor, 55, spent

£4.6 billion ($5.1 billion) to buy U.K. pub

chain Greene King. CK Asset has also sold

$36 billion of mainland property holdings

over the past decade, including the $560

million sale last June of a residential and

commercial complex in Dalian to China

developer Sunac. CK Asset still owns 50 de-

velopments in 20 mainland cities.

Li’s net worth was also hit by falling earn-

ings at his holding company CK Hutchison.

Shares in the company slid 6% in the past

year after a nearly 25% decline between

early April and mid-August. In April, the

company’s biopharmaceutical arm Chi-Med

announced plans for a Hong Kong IPO. A

month later, Australian regulators voiced

opposition to a proposed merger between

CK Hutchison’s telecom firm Vodafone

Hutchison Australia and local competitor

TPG. Regulators are expected to make a

final decision this year on whether to allow

the merger. —Jane Ho

RANK

LEEWARD

PROPERTY MARKET HEADWINDS BUFFETED HONG KONG’S TWO RICHEST TYCOONS.

LEE SHAU KEE CLINCHED THE TOP SPOT FROM LI KA-SHING BY WEATHERING

THE STORM SLIGHTLY BETTER.

(IN BILLIONS OF DOLLARS) LI KA-SHING LEE SHAU KEE SOURCE: FORBES DATA

HONG KONG’S

50 RICHEST