4 philosophies of success that billionaire Lee Shau-kee left for the Asian real estate industry

In 1958, Lee founded Eternal Enterprise, marking a pivotal moment in his career. At the time, most houses in Hong Kong were sold as single-family homes, which were unaffordable to the majority of the middle class. Lee disrupted this market trend by introducing a floor-by-floor sales model with instalment payments. This innovative strategy saw the company’s properties sell out rapidly and allowed it to expand its scale.

Five years later, Lee reached another significant milestone. In 1963, he co-founded Sun Hung Kai Properties with two colleagues, Phung Canh Huy and Quach Dac Thang. Under his capable leadership, the company achieved monumental success, cementing Lee’s status as a legend within the real estate industry. He demonstrated that, in a competitive market, diligence alone is not sufficient; entrepreneurs must be able to analyse the market, predict trends, and make precise decisions.

In 1967, Hong Kong was engulfed in riots, causing the elite to flee and sending the property market into a sharp decline. Housing prices plummeted by 10%, the stock market teetered on the brink of collapse, and the global oil crisis of the 1970s presented further challenges for the property industry. Yet, amidst the turmoil, Lee Shau Kee saw a “once in a lifetime” opportunity.

While others panicked, he opted to invest in acquiring undervalued land, establishing Henderson Land Development and acquiring more than 50% of the shares in Yongtai, a listed company. He quickly accelerated development, and from a company that owned just over 20 properties, Henderson Land Development expanded to own more than a hundred properties within a few short years, including the iconic Hong Kong International Finance Centre.

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Lee’s ambitions stretched far beyond real estate. In 1992, he expanded his “empire” into the hotel, retail, finance, and gas sectors, acquiring notable hotels like Kowloon and Miramar, and launching the Citistore retail chain. The group also made a name for itself in sectors such as banking, finance, securities, and the gas industry through The Hong Kong & China Gas Company.

By 1997, Lee’s net worth had reached an impressive 19.8 billion USD, securing him 4th place on Forbes’ list of the 10 richest people in the world, making him the wealthiest person in China. Reflecting on that golden period, he shared: “Know when to stop and stay calm. Only by remaining composed during a crisis can you seize the opportunity.”

The legendary Hong Kong billionaire once remarked: “As long as you choose the right direction and walk the right path, wealth will follow. If you choose to farm, then just work tirelessly at farming.”

In the ever-turbulent real estate world, Lee Shau-kee’s perseverance became a guiding light, helping him navigate every storm and build powerful “empires”. He maintained a composed and measured attitude, never rushed, patiently awaiting the right opportunities and making calculated decisions.

During the crisis of the 1970s, when the Hong Kong real estate market was in freefall and many investors fled, Lee Shau Kee remained calm, analysing the situation and recognising it as a “golden” opportunity. He continued to acquire undervalued land, waited for the market to recover, and ultimately reaped the rewards of his patience.

Lee understood that success is not the result of mere luck but the outcome of consistent learning and experience. He compared the stock market to a school, where investors not only pursue profits but also must continually expand their knowledge and abilities. “If your net asset value (NAV) surpasses your knowledge, sooner or later, it will return to its original position,” Lee shared.

This simple yet profound philosophy has guided Lee Shau-kee throughout his life. He believes that success in business is just one aspect of life; what truly matters is how we contribute to society and bring positive change to the lives of others. He has never hesitated to share his wealth to support those in need, funding schools, hospitals, and charitable initiatives.

Education has been a cornerstone of his philanthropy, with a particular focus on providing opportunities for disadvantaged students. In 1988, he established the Lee Shau Kee Foundation, one of Asia’s most esteemed charitable organisations. His generosity extended further, with a donation of HK$500 million to several universities across China.

The passing of Lee Shau Kee is a profound loss to the Asian business community. He was not only a paragon of business success but also a symbol of compassion and social responsibility.

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