Forbes recently ranked the brothers and their family second among Hong Kong’s richest billionaires, with a combined net worth of US$34.9 billion, taking the spot their father held on last year’s list.
Peter Lee, 62, and Martin Lee, 55, took over from their father in 2019, becoming co-chairmen of both Henderson and utility firm Towngas years before the tycoon’s passing in March 2025.
They have led the family business through major challenges, including the Covid-19 pandemic and an economic downturn, all while pushing several groundbreaking projects.
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Peter Lee (L) and Matin Lee, co-chairmen of Henderson Land Development. Photo from the company’s website |
They acquired a prime site along Victoria Harbour for $6.5 billion in 2020, undeterred by the challenges, and are developing it into Central Yards, a mixed-use megadevelopment expected to reshape the company’s property portfolio.
“The property market has always had its ups and downs, so it’s hard to purchase at the absolute cheapest,” Martin told Forbes in a recent interview. “So when you feel it’s the right move, and the property itself is a good one, you just go ahead.”
Towngas, under Peter’s leadership, has ramped up investments in renewable energy and waste-treatment solutions, building on its traditional gas business. He also founded Full Vision Capital in 2014 to invest in environmentally focused startups that support both Towngas and Henderson.
“With both the property and utility businesses, our father built a very solid foundation. In bad times, we are holding the best assets in the best locations,” Peter says.
Despite these efforts, Henderson’s earnings remain under pressure due to weak property sales.
Still, the brothers remain confident that their newer ventures will ultimately grow to rival their already-established businesses.
“Five years from now, with our commercial developments in Central completed and green energy projects gradually taking shape, I’m confident our prospects will look bright,” Martin says.
Decades of training
Before entering the family business, Peter studied computer science in the U.K., then launched an entertainment venture with his friends. Martin, meanwhile, studied in Canada before returning to Hong Kong.
They were already working at Henderson by the time the late Lee brought up the topic of succession, with Peter joining in 1985 and Martin in 1993.
Their duties were defined early on based on their different personalities. Peter, the elder brother, was tasked with overseeing mainland China operations while Martin managed the Hong Kong business, according to the South China Morning Post.
“Peter is flexible and Martin is practical,” Lee said in a Bloomberg interview discussing the transition in 2019. “They have all along a good division of responsibilities.”
He also said he had stayed largely in the background for years before that, allowing his sons to run the business before eventually handing over control. Even after the transition, he remained a director and continued to advise on major decisions.
Despite the careful plan, the handover apparently did not occur as quickly as he had hoped, as by the late 1990s, he had grown frustrated with his heirs, per The New York Times.
Speaking to Hong Kong reporters in 1998, the late Lee said Peter was only earning a “passing grade” when it came to running the business. Martin also faced doubts around the same period for his prior youthful interest in sports cars and nightlife.
They eventually proved themselves and secured the trust of their father, who wrote in a memoir shared with guests at Henderson Land Development’s 2019 shareholder meeting that he “firmly believes that under their leadership, they will be able to lead the group to continue to reach new heights.”
As the brothers carry forward the family legacy, they say their father “never prescribed a path” that they had to follow and instead urged them to chart their own course.
“If that path can contribute toward solving global warming,” Peter recalls. “There will definitely be rewards.”
Contrasting lives
The differences between the siblings are not only reflected in their personalities, but also their love lives.
Peter is a devout Buddhist who remains single after his first relationship ended while Martin has enjoyed roughly two decades of marriage to actress Cathy Chui, according to Sohu.
The late tycoon initially approved of Peter’s relationship with a commoner, but later reconsidered after consulting an astrologer and arranged for the girlfriend to study abroad, effectively ending their romance.
Lee was later said to regret the decision as it has affected his older son’s later relationships. Peter subsequently had three children through surrogacy in the U.S. in 2010 but never married. Lee was reportedly delighted by the birth of his grandsons.
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Hong Kong’s propert magnate Lee Shau Kee (far R), his son Martin Lee (far L), and his daughter-in-law Cathy Chui. Photo from Chui’s Instagram |
In contrast, Martin and Chui held a lavish wedding in Australia in 2006 that cost HK$180 million (US$23.2 million) and have since maintained a high-profile marriage, with Chinese media often highlighting Chui’s close ties with her in-laws.
Despite their contrasting personalities and lives, Peter and Martin are usually in sync when it comes to business and say they see more opportunities than they can pursue together.
“We wish we had more brothers to cover more markets,” Peter jokes in a 2020 interview. “We are already working really hard.”
