Hong Kong property magnate Lee Shau Kee, one of the city’s wealthiest figures and a key player in its real estate boom, passed away on Monday at the age of 97, according to a statement from Henderson Land, the company he founded.
A Legacy Built on Real Estate
Nicknamed “Uncle Four” for being the fourth oldest among his siblings, Lee was born into a middle-class family in Guangdong, China, where his family owned gold and silver shops. At the age of 20, he moved to Hong Kong, where he laid the foundation for his real estate empire.
In 1976, he founded Henderson Land, one of Hong Kong’s most influential property firms. He served as chairman until his retirement in May 2019, leaving the company under the leadership of his two sons, Peter and Martin Lee. Before his passing, Lee had an estimated net worth of $30 billion, according to Forbes.
Beyond Real Estate: A Business Empire
Like many of Hong Kong’s prominent tycoon families, Lee expanded his holdings beyond real estate, with investments in energy, retail, and transportation. His business success was closely tied to strong relationships with Chinese leadership. As part of a delegation of Hong Kong tycoons, Lee met with Deng Xiaoping and was once seated next to former Chinese President Jiang Zemin, as seen in photos on his personal website.
Public Persona and Investment Philosophy
Unlike the newer generation of Hong Kong’s ultra-wealthy, who maintain a low profile, Lee and his contemporaries were vocal on social and financial matters. He advised young people against early marriage without financial stability, emphasizing the challenges of building a career while raising children.
Dubbed “Hong Kong’s Warren Buffett,” Lee had a strong belief in real estate investments. He once stated, “Buying real estate stocks is more profitable than doing real estate business,” a philosophy that saw his fortune quadruple in a few years before the 2008 financial crash.
Lee was highly active in equity investments in the early 2000s, particularly in Chinese state-owned enterprises like Bank of China and PetroChina. However, after suffering losses during the financial crisis and receiving complaints from retail investors who had followed his lead, he jokingly referred to himself as a “fake god of stocks.”
Philanthropy and Giving Back
Beyond business, Lee was known for his philanthropy, donating billions of dollars to causes in both Hong Kong and mainland China. In 2018, he fulfilled a promise to donate 1 billion Hong Kong dollars ($128.7 million) to charities when the Hang Seng Index reached 30,000 points.
Remembering Lee Shau Kee
Lee Shau Kee leaves behind a legacy of business acumen, generosity, and influence in shaping Hong Kong’s property landscape. He is survived by his two sons and three daughters. His impact on Hong Kong’s economy and real estate sector will remain a cornerstone of the city’s history.
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