Published : 2025-03-20
Lee Shau Kee, the founder of Henderson Investment Limited, passed away on March 17, 2025 at the age of 97, accompanied by his family.
In the mid-20th century, Lee Shau Kee came to Hong Kong with just 1,000 HKD given by his father and established a vast business empire worth over 200 billion HKD through clever and astute business acumen. His empire spans real estate, energy, transportation, and hotels, making him the richest man in Asia.
Lee Shau Kee was not only a shrewd businessman but also a generous philanthropist. Throughout his life, he donated billions to educational and social welfare institutions in Hong Kong and the Chinese Mainland, nurturing talents and actively alleviating poverty, reducing the wealth gap.
For his contributions, he was awarded the Grand Bauhinia Medal by the Hong Kong Government.
Lee Shau Kee came alone to Hong Kong at the age of 20
Lee Shau Kee (李兆基) was born in 1928 in Dalian of Shunde District in Guangdong Province. His father, Lee Kai Fu (李介甫), was the owner of a gold shop and old-style Chinese private bank. Their family business included gold trading, foreign currency exchange, and foreign currency transactions, leading to a wealthy upbringing.
From a young age, Lee Shau Kee learned the business from his father, accumulating business experience. Being the fourth in the family, he was also known as "Uncle Four".
In 1948, at the age of 20, Lee Shau Kee came to Hong Kong alone with 1,000 HKD. Early on, he engaged in manufacturing and import-export businesses, earning his first bucket of gold. However, it was the real estate business he started at the age of 30 that made him the richest man in Asia.
After the World War II, the influx of immigrants to Hong Kong led to a high demand for housing. Lee Shau Kee, with his foresight, along with partners Kwok Tak Seng (郭得勝) and Fung King Hey (馮景禧), founded Sun Hung Kai Properties in 1963.
They were known in the business community as the "Three Musketeers", marking the beginning of their significant impact in the real estate industry.
Lee Shau Kee: "Earn the first bucket of gold, and make money with money"
Lee Shau Kee once shared in a speech that the path to wealth lies in "hard work and diligence". He also advised young people to "earn the first bucket of gold, and make money with money," emphasising that accumulating capital is the key to getting rich.
The real estate business is undoubtedly the best manifestation of Lee Shau Kee's philosophy.
In the past, properties were sold as entire buildings. It was in the mid-20th century that Hong Kong began to see "stratified titles" and "pre-sales of uncompleted flats" property purchase models, significantly lowering entry barrier for homebuyers.
Ordinary citizens could pay a down payment and then make instalment payments to buy property. At the same time, developers could accelerate cash flow, making money with money and achieving a win-win situation.
Read more: Fok Ying Tung, the first person in HK to pre-sales of uncompleted flats
Lee Shau Kee purchased land at low prices during social uncertain
Despite the uncertain economic outlook in Hong Kong during the 1960s, with several bank collapses and the 1967 riots, Lee Shau Kee remained confident in the prospects of the real estate market.
He took the opportunity to acquire land at low prices and focused on developing medium-size and small-size residential properties in response to market demand, bringing substantial profits to Sun Hung Kai Properties.
As Sun Hung Kai Properties began to gain traction, it went public in Hong Kong in 1973. Lee Shau Kee decided to establish his own venture and founded Henderson Land Development in 1976, which became a public company in Hong Kong in 1981.
One of Henderson's landmark projects includes leading the development of the largest property project in Shatin, known as City One Shatin, in collaboration with Sun Hung Kai Properties, Cheung Kong Asset Holdings Limited, and New World Development in the 1970s.
Today, many landmark buildings in Hong Kong, including the International Finance Centre in Central and the recently completed the Henderson, were developed and constructed by Henderson.
Read more: Shatin, one of the New Towns in Hong Kong
Lee Shau Kee actively engaged in philanthropy
As a masterful businessman in the world, Lee Shau Kee is also the owner of companies such as the Hong Kong and China Gas Company Limited, Hong Kong Ferry (Holdings) Co. Ltd., and the Mira Hong Kong. His business interests span property development, department stores, hotels, energy, and ferry services.
Before Hong Kong returned to its motherland in 1997, he had already amassed a fortune close to 100 billion HKD and ranked 4th on the Forbes Worlds Billionaires in 1996 with a net worth of 12.7 billion USD (approximately 99 billion HKD), becoming the richest man in Asia.
Lee Shau Kee not only had a knack for amassing wealth but was also a well-known philanthropist in the city. He often emphasised the importance of "success in making money and success in spending money," regarding public welfare undertakings as the best way to distribute wealth.
Read more:2024 Hurun China Rich List｜Which country's entrepreneurs top the list the most?
Lee Shau Kee donated billions to universities to nurture talent
Among the numerous charity projects, Lee Shau Kee placed a special emphasis on education. He believed that nurturing talent not only benefits the student themselves but also contributes to future generations and the broader society.
Over the years, he has donated billions of Hong Kong dollars to nine universities in Hong Kong and three in the Chinese Mainland. Many of the campuses have buildings named in his honour, and he has established several scholarships, creating countless social elites.
Lee Shau Kee also demanded himself in actively contributing to charitable causes by investing money, effort, and strategic planning.
He frequently took the initiative to offer suggestions to the government, including donating a 100,000 square foot plot of land in Tuen Mun to Pok Oi Hospital in 2014 to build Asia's largest elderly home with 1,433 beds.
In 2015, he donated a 66,000 square foot plot of land in Yuen Long to Po Leung Kuk to build youth hostels, alleviating the housing pressure on young people.
Read more: Pao Yue Kong, the Shipping King dominated the seas with his banking background
In addition, Lee Shau Kee's charitable footprint extended to the Chinse Mainland.
Following the 2008 Wenchuan earthquake, Lee Shau Kee promptly donated 100 million RMB for disaster relief. Over the years, he has donated billions to train over a million poor farmers, assisting them in employment. He has also actively trained rural doctors, built health centres, and improved medical and health conditions in remote rural areas.
In 2007, the Hong Kong Government awarded him the "Grand Bauhinia Medal" to recognise Lee Shau Kee's contributions to society. Although he has passed away, the fruits of his benevolence still warm the hearts of many.
Read more: Li Ka Shing, the first Chinese Tycoon took over Hutchison Whampoa
