Chief Executive Carrie Lam on Wednesday expressed deep sorrow over the death of renowned entrepreneur, Hu Fa-kuang.

Dubbed Hong Kong's "elevator king", the founder of Ryoden Development passed away on Saturday at the age of 98.

In a statement, Lam said she is saddened by Hu's passing.

"Mr Hu was a successful entrepreneur, with great achievements made and respect commanded in the business sector. Over the last century, he was committed to public and community service,” she said.

“Through his work as a member of the Legislative Council and the Urban Council and a Hong Kong Affairs Advisor, as well as in other public positions, he made exemplary efforts in fostering the continuous development of Hong Kong.”

The CE also highlighted Hu’s contributions to Hong Kong’s sports development.

“With his passion in sports, he was particularly supportive of the activities of various sports associations and significantly contributed to the sports development of Hong Kong. He was awarded the Grand Bauhinia Medal by the Government of the Hong Kong Special Administrative Region (HKSAR) in 2016."

Separately, acting home affairs minister Jack Chan also sent his condolences to Hu’s family.

"With great passion in sports, Mr Hu has been proactively promoting the sports development in Hong Kong and made tremendous contributions over the past decades. His departure is a huge loss for the sports sector and he will be truly missed,” Chan said.