Henderson Land Development Company (0012.HK)

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Hong Kong’s second-wealthiest man Lee Shau-kee hands over Henderson Land reins to his two sons as he retires as chairman
* Lee has officially stepped down after Henderson Land’s annual general meeting, handing control of the company to his two sons
* Valued at HK$215 billion (US$27 billion), Henderson Land is currently the second-largest Hong Kong property developer by market capitalisation

Yujing Liu & Lam Ka-sing
Published: 6:00am, 28 May, 2019

Hong Kong’s second-wealthiest man Lee Shau-kee has retired as chairman of Henderson Land Development after the company’s annual shareholders’ meeting, joining a list of the city’s ageing tycoons to make way for their scions to take over.

Lee, who turned 90 in March, is stepping away “due to his advanced age”, Henderson said in a stock exchange filing overnight. The tycoon did not speak during a press conference held after Henderson’s annual shareholders’ meeting on Tuesday morning, due to a throat ailment.

Known affectionately as Fourth Uncle in Hong Kong, Lee will be succeeded by his two sons Peter Lee Ka-kit and Martin Lee Ka-shing, who will take over the reins as joint chairmen and managing directors.

The succession plan is unchanged from an announcement made in March, when the elder Lee said he was considering a retirement plan.

In a media statement from Henderson, sent before the press conference, Lee said that he would remain involved and advise on important decisions of the company as a director.

Lee also expressed confidence in his two sons, saying that although they have slightly different personalities, they work well as a team and share the responsibilities equally.

“Ka-kit is flexible while Ka-shing is practical. Ka-kit is mainly responsible for the mainland and Ka-shing for Hong Kong,” said Lee. “For the group, the Hong Kong and mainland markets are equally important. Henderson will continue to seek growth in Hong Kong and the mainland in the future.

“In the past few years, I have gradually faded from the frontline. Many things were done by the two of them. They all did well and have achieved perfection.”

He said that it was now time for him to spend more time “with my family, play with my grandchildren and continue the charity work”.

More details in https://www.scmp.com/business/article/30...rson-lands
Specuvestor: Asset - Business - Structure.

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