Cover Tatler takes a look at Lee Shau-Kee’s greatest contributions throughout his career, and the legacy he left behind.
Tatler takes a look at Lee Shau-Kee’s greatest contributions throughout his career, and the legacy he left behind.
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Tatler takes a look at Lee Shau-Kee’s career and the legacy he left behind
Lee Shau-Kee, founder of Henderson Land Development, has died at the age of 97.
He passed away peacefully and surrounded by his family, according to a statement released by the firm on March 17.
Lee, who was born in Shunde, Guangdong province, in 1928, arrived in Hong Kong aged about 20 with less than HK1,000 to his name. He used it to gradually build a real estate behemoth that also has operations in construction, hospitality, retail and infrastructure, with a combined market value of approximately US$71 billion as of March 17. As of February this year, he was the city’s second richest man, with an estimated net wealth of US$29.2 billion. Lee was an honouree of Tatler Hong Kong’s Asia’s Most Influential list in 2021, 2022 and 2023 for his contributions to the real estate industry and philanthropy.
Hong Kong chief executive John Lee has released a statement about the tycoon’s passing. “Lee was an outstanding business leader and entrepreneur who had made significant contributions to Hong Kong’s economic development as well as the city’s prosperity and stability. “He was also a highly respected philanthropist. He had made outstanding contributions to education and community service in the past decades, including his generous donations to a number of universities and tertiary institutions in Hong Kong and the mainland, and his ardent support for the development of higher education and talent development.”
Below, we take a look at Lee’s storied career and the legacy he left behind.
Lee Shau-Kee mastered success, timing and legacy
Lee established Henderson Land Development in 1976.
The firm amassed a formidable land bank; it also diversified into sectors like hotels and utilities.
Lee’s investment strategy gained notoriety during the tumultuous 1997 Asian financial crisis; while competitors fled the market, he boldly acquired distressed assets at bargain prices, a move that would later cement his reputation for impeccable timing. His philosophy of “buy land and wait” became a guiding principle among Hong Kong’s elite business circles.
Upon his retirement in 2019, at age 91, Lee transferred control of the company to his sons, Peter and Martin Lee.
Lee Shau-Kee was nicknamed ‘Uncle Four’ for his modest lifestyle
Despite amassing one of Asia’s largest fortunes, Lee lived a notably modest lifestyle—a sharp constrast against many of his affluent peers.
Lee was nicknamed “Uncle Four”, an endearing reference to his position as the fourth child in his family. This moniker became synonymous with respect and familiarity within Hong Kong’s business circles. Lee shunned ostentation and the flashy displays of wealth often associated with tycoons, opting instead for practical business attire and straightforward communication.
His grounded demeanour and approachability not only endeared him to employees but also meant he fostered strong relationships with business partners, ultimately enhancing his reputation as a trusted leader.
Above Lee Shau-Kee, founder of Henderson Land and philanthropist, dies at 97 (Photo: courtesy of Henderson Land)
Lee Shau-Kee, founder of Henderson Land and philanthropist, dies at 97 (Photo: courtesy of Henderson Land)
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Lee Shau-Kee championed education through philanthropy in Asia
Lee founded The Lee Shau-Kee Foundation in 1988; it is one of Asia’s most notable philanthropic endeavours.
Education formed the cornerstone of Lee’s charitable giving, with a particular focus on providing opportunities for disadvantaged students. Major donations included HK$500 million to the University of Hong Kong and substantial endowments to institutions across mainland China. His philanthropy notably lacked self-promotion.
In 2009, Lee Shau-Kee was presented with the Diamond Award at the Tatler Ball. Reserved for individuals who have not only achieved remarkable success but have also played a pivotal role in shaping the essence of the city, the Diamond Award highlighted Lee’s work in propelling Hong Kong to the forefront of global recognition. The positive impact Lee made on Hong Kong’s cultural, social and economic landscape won’t soon be forgotten.
