One of Hong Kong's richest people, Henderson Land founder Lee Shau-kee, has died at the age of 97.

The property firm announced that Lee passed away peacefully on Monday evening surrounded by his family.

Born into a small merchant's family in Guangdong province in 1928, he moved to Hong Kong after the end of the Second World War as a youngster where he built his business empire and became one of the city's property tycoons.

Lee started his career in currency and gold trading.

He became friends with prominent businessmen Kwok Tak-seng and Fung King-hey. Dubbed the "Three Musketeers", they founded Sun Hung Kai Properties in 1963.

Lee later left Sun Hung Kai Properties and founded Henderson Land in 1976.

Henderson grew quickly to become one of Hong Kong's biggest developers, with a land bank currently totalling about 20 million square feet.

His business empire also expanded beyond real estate, which includes Hong Kong and China Gas Company, or Towngas, and the Hong Kong Ferry Company.

Lee headed Henderson Land until 2019, when he handed over the reins to his sons Peter and Martin, as joint chairmen and managing directors.

According to Forbes, the tycoon had a net worth of about US$30 billion.

Affectionately known as "Uncle Four" for being the fourth child in his family, Lee was also renowned for his philanthropy.

Through the Lee Shau Kee Foundation, he donated huge sums for scholarships as well as capital and education projects in Hong Kong and across China.

One of his best-known mottos was "success isn't just about making money, but knowing how to spend."

Chief Executive John Lee offered his condolences.

He called Lee Shau-kee an outstanding business leader and entrepreneur who made significant contributions to Hong Kong's economic development, as well as its prosperity and stability.

Henderson Land said announcements on funeral arrangements will be made later.
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Last updated: 2025-03-17 HKT 21:42