Lee Shau-Kee, Hong Kong Real Estate Tycoon, Dies at 97

Lee Shau-kee, a prominent Hong Kong real estate magnate known for his visionary approach to property development, passed away at the age of 97. His legacy includes the creation of thousands of apartments for middle-class families, descendants of refugees who fled mainland China. Lee’s company, Henderson Land Development, announced his death, but did not disclose the location or cause.

Throughout his career, Lee demonstrated a keen eye for investment opportunities, earning him comparisons to Warren Buffett. His wealth was estimated at $29.2 billion by Forbes magazine, ranking him among the world’s wealthiest individuals. Lee founded Henderson Land Development in 1976 and oversaw its growth into a diversified corporation with interests in real estate, hotels, department stores, and natural gas distribution.

Lee’s strategic focus on affordable housing in Hong Kong’s New Territories set him apart from other developers who favored high-end properties on the island. He believed that rising wages would drive demand for housing, leading to the successful development of Sha Tin, a new town accommodating over half a million residents.

In addition to his business acumen, Lee was committed to philanthropy through the Lee Shau-Kee Foundation, supporting educational initiatives and vocational training in Hong Kong, China, and beyond. Despite opportunities to invest abroad, Lee chose to remain in Hong Kong, where he built a successful empire in real estate.

As he aged, Lee groomed his children to take over the family business, ensuring a smooth transition of leadership. His sons, Peter and Martin, eventually became joint chairmen of Henderson Land Development. Lee’s dedication to his family extended to the construction of a grand mausoleum in his ancestral village, where he laid his parents to rest.

Throughout his career, Lee faced challenges and criticism but managed to adapt to changing economic and political landscapes. His legacy as a pioneering entrepreneur in Asia endures, with his children carrying on his vision for the future of Henderson Land Development.

This rewritten content captures the essence of Lee Shau-kee’s remarkable life and achievements, highlighting his impact on Hong Kong’s real estate industry and his enduring legacy in the business world.