Hong Kong property tycoon dies aged 97

Hong Kong property tycoon Lee Shau-kee, who was once the richest man in Asia, has died at the age of 97.

The announcement was made by his property firm Henderson Land Development, of which he was chairman for more than 40 years.

The company said in a statement that Lee had died “in the company of his family” but did not specify a cause.

He was one of the city’s richest men. In February, Forbes put his net worth at just under $30bn (£23bn).

Lee was born in China’s southern Guangdong Province and moved to Hong Kong as a young man, where he began his business career in gold and foreign currency exchange before switching to real estate.

He established Sun Hung Kai Properties (SHKP) – one of the city’s largest property developers – in 1958, alongside two other founders.

Lee – who was nicknamed “Uncle Four” as he was the fourth eldest of his siblings – then struck out on his own in 1976 and founded Henderson Land Development, which his two sons took over following his retirement in 2019.

In 1996, he was named the richest man in Asia and the world’s fourth wealthiest person.

He was also a philanthropist and made significant contributions to education centres and to programmes aimed at job development. In 2007, he was awarded Hong Kong’s highest honour – the Grand Bauhinia Medal – in recognition for his contributions to society.

“Dr Lee was an outstanding business leader and entrepreneur who had made significant contributions to Hong Kong’s economic development, as well as the city’s prosperity and stability,” the city’s Chief Executive John Lee said in a statement.