Hong Kong billionaire property developer Lee Shau Kee, who built one of the largest real estate empires in the territory, died Monday at the age of 97. Henderson Land Development Co. Ltd., the company he founded, announced his passing in a statement, noting that Lee died peacefully with family by his side. No cause of death was provided.
Lee founded Henderson Land in 1976 and served as its chairman and managing director until 2019, when he stepped down and was succeeded by his sons, Peter Lee and Martin Lee. Under his leadership, the company developed key landmarks including the International Finance Centre complex and the ifc mall in Central, one of Hong Kong's most prominent commercial districts.
Forbes listed Lee as Hong Kong's second-richest individual in its latest rankings, estimating his net worth at $29.2 billion.
Born in Guangdong province, China, in 1927, Lee moved to Hong Kong in 1948, where he initially worked in gold and foreign currency exchange before turning to property development. In 1958, he co-founded Sun Hung Kai Properties, which grew to become one of Hong Kong's largest developers. In 1976, Lee launched Henderson Land Development, taking full control of his own real estate empire.
By 1996, Lee was named the richest man in Asia and ranked as the fourth wealthiest person globally.
Hong Kong Chief Executive John Lee paid tribute to the tycoon, calling him "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." He also praised Lee for his extensive philanthropy, particularly his donations to educational institutions and programs supporting job development in both Hong Kong and mainland China.
Lee's charitable efforts were formally recognized in 2007 when the Hong Kong government awarded him the Grand Bauhinia Medal, the territory's highest honor, acknowledging his commitment to community service and education.
Nicknamed "Uncle Four" due to his position as the fourth eldest among his siblings, Lee is survived by his two sons and three daughters. His ex-wife predeceased him.
