Lee Shau Kee – Hong Kong Business Magnate & Billionaire

Lee Shau Kee is a prominent figure in the Hong Kong business landscape. He stands  2nd in the real estate rich list and 31st on the global list. He is known for his achievements in real estate development. He was born on 7 March 1928. His net worth is $29.6 billion, making him the second-richest person in Hong Kong. He co-founded the renowned Sun Hung Kai Properties and later established Henderson Land Development. 

Lee’s leadership has led to the creation of iconic skyscrapers and residential estates that have shaped the city’s skyline. Beyond his business success, he is deeply committed to philanthropy, particularly in education and community development, reflecting his dedication to making a positive impact on society.

Lee Shau Kee Net Worth 

Lee Shau is one of the most prominent business leaders in Hong Kong. He holds the impressive title of being the 2nd richest person in the region, with a net worth of $29.6 billion. His wealth comes mainly from his work in real estate development through his company, Henderson Land. Over the years, Lee has built many successful properties, including residential buildings and commercial spaces, which have greatly contributed to his fortune.

Apart from real estate, Lee Shau Kee has also expanded his business into several other areas. He has invested in hotels, providing luxury accommodations for travelers. His company also manages various properties to ensure they are well-kept and comfortable for residents and tenants. 

Additionally, he is involved in telecommunications and information technology, helping to keep his properties connected and modern. Lee’s focus on infrastructure projects supports important public development, further enhancing his influence in the business world. Overall, his hard work and smart investments have made him a key figure in Hong Kong’s economy.

Founding of Sun Hung Kai Properties and Henderson Lan

In 1973, Lee Shau Kee joined forces with Kwok Tak-Seng to create Sun Hung Kai, a property development company. Kwok was the father of the Kwok brothers, who later became successful billionaires. A few years later, in 1976, Lee founded Henderson Land Development. 

This company quickly grew and became the main source of his fortune. Over time, Henderson Land expanded its business to include not just real estate but also hospitality, gas, and other investments. Today, it stands as one of the major players in Hong Kong’s property market.

Sun Hung Kai Properties Limited (SHKP) Overview

Let’s Discuss a brief overview of Sun Hung Kai Properties. 

Founding and Early Years:

• 1963: Sun Hung Kai Enterprises Co., Ltd. was founded by Kwok Tak-seng, Fung King-hey, and Lee Shau Kee.
• 1972: Sun Hung Kai Properties Limited was incorporated on July 14 and listed on the Hong Kong Stock Exchange on August 23.  

Investments and Establishments:

• 1973: Acquired Hong Yip Service Company Limited.
• 1978: Established Kai Shing Management Services Limited, a property management company.
• 1978: Launched the first multi-block residential estate, Tsuen Wan Centre (first phase), and became one of the 33 constituent stocks listed on the Hang Seng Index.
• 1979: Established Sun Hung Kai Properties Insurance Limited, providing general insurance.
• 1981: Acquired an interest in Kowloon Motor Bus, a public transport provider.
• 1991: Acquired Wilson Parking.
• 1992: Completed Central Plaza in Wan Chai, the tallest building in Asia at that time, and diversified into mobile telephony with the establishment of SmarTone, which was listed in 1996.
• 1993: Acquired the World Trade Centre in Causeway Bay.

Major Projects and Developments:

• 2000: Won the tender for Kowloon Station Development Packages, leading to the International Commerce Centre (ICC) complex, completed in 2010, which became the tallest building in Hong Kong.
• 2003: Launched the first phases of YOHO Town in Yuen Long and signed a land-use transfer agreement for the Shanghai IFC project.
• 2005: Opened APM, Hong Kong’s first late-night retail center, and acquired Seiyu (Sha Tin) Company Limited.
• 2009: Opened Ma Wan Park Noah’s Ark, the first Christian theme park in Hong Kong.
• 2013: Acquired a commercial site with 7.6 million square feet of gross floor area in Shanghai’s Xujiahui district.
• 2019: Won a tender for a commercial site atop the West Kowloon High-Speed Rail Terminus, with plans for office, shopping, and hotel developments.

Foundation and Philanthropy

• 2002: Established SHKP – Kwok’s Foundation, focusing on charitable projects in education and training.

Challenges

• 2012 Corruption Probe: SHKP Executive Director Thomas Chan and other executives were arrested in a corruption investigation, resulting in a 15% fall in the company’s share price. Thomas Kwok and former Chief Secretary Rafael Hui were convicted of bribery in 2014.

Lee Shau Kee Project Overview in Hong Kong

Lee Shau Kee has been instrumental in shaping Hong Kong’s landscape through his various development projects. His vision and commitment to innovation have led to significant contributions in the real estate and commercial sectors. Let’s discuss some of the details about these projects.

Lee Shau Kee has been involved in numerous commercial development projects that have significantly impacted Hong Kong’s economy and urban landscape. His initiatives focus on creating modern spaces that enhance both business and community life. Let’s discuss some of the details

1. International Finance Centre (IFC)

The International Finance Centre (IFC) is a prominent skyscraper and integrated commercial development located on the waterfront of Hong Kong’s Central District. The IFC was developed through a collaboration between Sun Hung Kai Properties, Henderson Land, and Towngas, showcasing a significant partnership in Hong Kong’s urban development. Here are the essential details about this landmark building:

• Height:
  • Tip Height: 412 meters (1,351.7 feet)
  • Roof Height: 407 meters (1,335.3 feet)
  • Top Floor Height: 387.6 meters (1,271.7 feet)
• Floors: The IFC consists of 88 floors above ground and 6 basement levels, offering extensive commercial and office space.
• Floor Area: The total floor area spans approximately 185,805 square meters (1,999,988 square feet), providing ample space for various business functions.
• Elevators: The building is equipped with 62 lifts/elevators, ensuring efficient vertical transportation for tenants and visitors.

2. New Town Plaza Overview

• Developer: SHKP (Sun Hung Kai Properties)
  New Town Plaza is a major project developed by SHKP, known for its high-quality developments.
• Location: Sha Tin, Hong Kong
  Strategically situated in Sha Tin, it serves as a key commercial hub in the area.
• Completion: Completed in three phases
  The development was carried out in three distinct phases, showcasing a variety of facilities.

Development Phases

• Phase 1: 9-storey shopping mall
  This phase introduced a spacious shopping mall, serving as the heart of the development.
• Phase 2: Royal Park Hotel
  The addition of the Royal Park Hotel provided luxury accommodation for visitors and business travelers.
• Phase 3: Private housing and a 3-storey shopping mall
  This phase expanded the project with residential options and further retail space.

Historical Significance

• Largest Development: In the New Territories during the 1980s
  At the time of its completion, New Town Plaza was the largest development of its kind in the New Territories, marking a significant achievement.

3. International Commerce Centre (ICC)

The International Commerce Centre (ICC) is a striking supertall skyscraper located in West Kowloon, Hong Kong. Here are some key details about this iconic building:

• Height: The ICC stands at an impressive 484 meters (1,588 feet), making it the tallest building in Hong Kong and the only structure in the city with over 100 stories.
• Stories: It features 108 stories, making it the 10th tallest building in the world by the number of floors.
• Global Ranking: At the time of its completion in 2010, the ICC was recognized as the 4th tallest building globally and the 3rd tallest in Asia. Today, it holds the title of the 13th tallest building in the world.
• Developers: The building was developed through a collaboration between MTR Properties and Sun Hung Kai Properties for selected properties, showcasing a significant partnership in Hong Kong’s real estate development landscape.

4. Royal Park Hotel Features

• Connectivity: Covered walkway to metro station and shopping mall
  The hotel is conveniently linked to the metro station and New Town Plaza via a covered walkway, enhancing accessibility.
• Proximity to Attractions: Nearby local attractions
  It is close to notable attractions like Che Kung Temple, Sha Tin Racecourse, and the Hong Kong Heritage Museum.
• Olympic Hosting: Venue for the 2008 Summer Olympics
  Royal Park Hotel hosted Olympians competing in equestrian events during the Beijing 2008 Summer Olympic Games, highlighting its international significance.

5. Airport Freight Forwarding Centre Overview

• Name: Airport Freight Forwarding Centre (AFFC), it is a key facility for logistics in Hong Kong.
• Location: Hong Kong International Airport
  AFFC is located in Chek Lap Kok, New Territories, serving as a vital hub for air freight operations.

Ownership and Management

• Parent Company: A wholly owned subsidiary of Sun Hung Kai Properties
  AFFC is operated by one of the largest property developers in Hong Kong, ensuring high standards and reliability.

Facilities and Space

• Storage Space: Over 1,300,000 square feet (120,000 m²)
  The facility offers extensive storage options to accommodate various freight forwarding needs.
• Office Space: 175,000 square feet (16,300 m²) of Class A office space
  AFFC provides modern office facilities, supporting tenants with a professional working environment.

6. Transitional housing project – United Court

• Project Name: United Court
  This project is a collaboration between SHKP and the Hong Kong Sheng Kung Hui Welfare Council.
• Purpose: Social housing for low-income families
  United Court aims to provide transitional housing for families awaiting public housing.

Land Lease Details

• Land Leasing: Three plots leased to NGOs
  SHKP announced the lease of three plots of land to non-governmental organizations for a nominal fee of HK$1.
• Lease Duration: 8 years
  The agreement will last for eight years, facilitating the development of social housing.

Housing Units and Impact

• Total Units: Approximately 2,000 social housing units
  The donation is expected to yield around 2,000 units for low-income families.
• United Court Capacity: Homes for 1,600 families
  When completed in 2022, United Court will provide homes for 1,600 families.
• Overall Benefit: Impact on 5,000 families
  The project will ultimately benefit around 5,000 families, addressing the pressing need for affordable housing.

Other Notable projects of Lee Shau Kee

Here are the notable projects of Lee Shau Kee’s company, Henderson Land, in various fields:

• Hotels: Henderson Land owns and operates luxury hotels, offering high-end accommodations and services to guests. These hotels are located in prime areas and are known for their excellent hospitality.
• Property Management: The company manages its own properties, ensuring they are well-maintained and provide a comfortable living or working environment. Property management includes maintenance, security, and customer services for residents and tenants.
• Telecommunications: Henderson Land is involved in the telecommunications sector, offering advanced communication technologies. This helps in keeping their residential and commercial properties connected with modern, reliable networks.
• Information Technology: The company is also active in the IT field, focusing on integrating cutting-edge technology into its properties. This includes smart building solutions and digital services for better management and tenant experiences.

• Infrastructure: Lee Shau Kee’s business ventures also support infrastructure development. This involves investing in essential public projects such as roads, bridges, and other utilities that contribute to urban growth.
• Other Businesses: Besides property-related fields, the company engages in various other business areas, expanding its portfolio and strengthening its presence across different industries.

Lee Shau Kee’s Handed over Leadership to His Sons

Lee Shau Kee led Henderson Land Development as its Chairman and Managing Director until May 2019. After he stepped down, he handed over the leadership to his sons, Martin and Peter, making them co-chairmen. 

Even though he is no longer in charge, Lee still serves as an Executive Director, staying involved in the company’s direction. Martin is now responsible for overseeing Henderson Land, while Peter takes care of the operations in China. 

Lee’s daughter, Margaret, also plays an important role in the company, helping to shape its future. This transition shows how Lee is preparing the next generation to lead the family business.

Sibling Fallout: Leadership Controversy and Legal Issues

Walter Kwok, the chairman and CEO of SHKP, took a sudden leave of absence for personal reasons in February 2008, which was speculated to be due to family conflicts. Reports indicated that his mother, the controlling shareholder, forced his leave to protect family interests amid tensions caused by Walter’s mistress, who was allegedly influencing business decisions.

Following his leave, SHKP’s stock price declined, prompting a statement insisting that business operations would remain unaffected. In May 2008, Walter filed a writ with the High Court, claiming he had an agreement with his family to return to his role if certain conditions were met, which he argued were violated by his brothers.

The internal family dispute led to accusations of poor decision-making among the brothers, exacerbating the corporate governance challenges within SHKP.

Early Life and Career of Lee Shau Kee

Lee Shau Kee, born on March 7, 1928, in Shunde, Guangdong, China, has become a prominent figure in Hong Kong’s business landscape. His journey began in a humble setting, where he developed a strong work ethic and entrepreneurial spirit from an early age. 

After moving to Hong Kong in his youth, Lee embarked on his career in real estate, eventually founding Henderson Land Development, where he served as the long-time Chairman. Under his leadership, the company grew to become one of Hong Kong’s largest property developers, significantly shaping the city’s skyline. 

Additionally, Lee has held key positions in various organizations, including as the ex-chairman of Hong Kong and China Gas and Miramar Hotel, further solidifying his influence in the business sector. Throughout his life, Lee has been known for his commitment to philanthropy, contributing to various charitable initiatives and educational programs.

Lee Shau Kee Personal Life:

He was married to Lau Wai-Kuen from 1958 until their separation in 1985. Together, they had five children, highlighting his role as a devoted father. His elder son, Peter Lee Ka-kit, and younger son, Martin Lee Ka-Shing, have both taken on important roles in the family business, continuing the legacy of their father.

In addition to his children, Lee Shau Kee is a proud grandfather to eight grandchildren. Family is an important part of his life, and he has often expressed the significance of maintaining strong family bonds. 

Despite his busy business schedule, he values time spent with his loved ones, ensuring that his family remains close-knit. This focus on family life complements his success in the business world, showcasing his dedication to both personal and professional responsibilities.

Lee Shau Kee Involvement in Philanthropy and Contributions 

Lee Shau Kee is a dedicated philanthropist who has donated over $400 million, mainly to support education. In 1982, he established the Hong Kong Pei Hua Education Foundation. This foundation focuses on improving human resources and educational opportunities in mainland China. Through the Lee Shau Kee Foundation, he has also given financial support to many universities around the world, helping with scholarships and building projects.

In 2005, Lee started “The Warmth Project” in China. This program provides vocational training to 1 million farmers and 10,000 village doctors, helping them gain valuable skills. His generous contributions have earned him many honorary doctorates and fellowships from universities both in Hong Kong and internationally. Lee’s commitment to education and community development has made a significant impact on many lives.

Recognition and Awards of Lee Shau Kee 

In 2007, Lee Shau Kee was awarded the Grand Bauhinia Medal (GBM), which is Hong Kong’s highest honor. This recognition was for his commitment to education and community service. 

Lee also holds the title of Honorary President of the Shun Tak Fraternal Association and serves as the Vice-President of The Real Estate Developers Association of Hong Kong. 

Throughout his career, he has received praise for his ethical leadership and strong ability to connect with people. These honors reflect his influence and the positive impact he has made in both business and society.

Stay Tuned to Maliyatimes.com

FAQs:

Q. How did Lee Shau Kee get rich?

Lee Shau Kee became rich through his successful real estate business. He built and developed many residential and commercial properties, which greatly increased his wealth.

Q. Who is the owner of Henderson’s land?

Lee Shau Kee is the owner of Henderson Land. He founded the company and has led it to become one of Hong Kong’s largest property developers.

Q. What is Lee Shau Kee’s net worth?

Lee Shau Kee has a net worth of $29.6 billion, making him one of the richest individuals in Hong Kong.

Q. What companies did Lee Shau Kee co-found?

Lee co-founded Sun Hung Kai Properties in 1963 alongside Kwok Tak-Seng and later founded Henderson Land Development in 1976, both of which are major players in Hong Kong’s real estate market.

Q. What philanthropic initiatives is Lee Shau Kee known for?

Lee is a dedicated philanthropist who has donated over $400 million, primarily supporting educational initiatives. He founded the Hong Kong Pei Hua Education Foundation in 1982 and has been involved in various programs aimed at improving education and vocational training.

Q. How has Lee Shau Kee influenced the real estate market in Hong Kong?

Through his leadership at Sun Hung Kai Properties and Henderson Land Development, Lee has developed numerous iconic projects, including the International Commerce Centre and the International Finance Centre.

Q. What leadership roles has Lee Shau Kee held?

Lee served as the Chairman and Managing Director of Henderson Land Development until May 2019, when he transitioned leadership to his sons, Martin and Peter. He remains active as an Executive Director, influencing the company’s strategic direction.