Both men rose to prominence through Hong Kong’s booming real estate sector. Their early business ties included a joint luxury housing project in Hong Kong’s Mid-Levels called The Ka Siu Terrace, named by combining characters from both men’s names, according to Sohu.
As their fortunes grew, competition intensified. In 1993, Li attempted to acquire the Miramar Group, a Hong Kong-based hotel and property conglomerate. However, the Yeung family, who controlled the company, rejected his restructuring plans and instead sold their stake to Lee, a longtime friend of Yeung Chi Wan.
The move reportedly ended Li’s acquisition hopes and marked a shift in their relationship. Between 1996 and 1997, Lee’s Henderson Land Development saw a sharp rise in market value, boosting his wealth and earning him the title of Asia’s richest person for two consecutive years.
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Hong Kong’s second-richest billionaire Lee Shau Kee attends a news conference as he announces his retirement after the company’s general meeting in Hong Kong, May 28, 2019. Photo by AP |
In 1996, Forbes listed him among the world’s four wealthiest individuals. But the 1997 Asian financial crisis severely impacted his holdings. Li, who had diversified into European markets, avoided the worst of the downturn and reclaimed the title of Hong Kong’s richest man in 1998 — a position he held for the next 21 years.
During that time, Lee was often perceived as playing second fiddle to Li. In his book “Walking the Tycoons’ Rope”, Hong Kong attorney Robert Wang described their rivalry, noting: “The difference between No. 1 and No. 2 is huge.”
“The former gets all the attention,” he said. “When prime ministers and politicians visit, they ask to see him. He also gets to see them when he travels overseas. He gets all the media attention.”
Lee reclaimed the top spot in 2020, with a net worth of US$30.4 billion, edging past Li by US$1 billion, South China Morning Post reported.
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Billionaire Li Ka Shing announces his retirement in Hong Kong in 2018. Photo by Reuters |
Adding to the intrigue, Lee named his second son Martin Lee Ka Shing, a name strikingly similar to Li’s. The move prompted speculation of a subtle jab, though Lee later said he chose the name believing it would bring good fortune to his family.
Lee stepped down as chairman of Henderson Land in 2019, passing control to his sons Martin Lee Ka Shing and Peter Lee Ka Kit in what was described by South China Morning Post as a smooth and uneventful transition.
Lee passed away at the age of 97 last Monday, as confirmed by his company Henderson Land Development in a press release, as per AFP.
As of February, Forbes ranked him as Hong Kong’s second-richest man, with a net worth of US$29.2 billion.
Li, often referred to as the “Warren Buffett of Asia,” remains Hong Kong’s wealthiest individual, with Forbes estimating his fortune at US$38 billion. He retired in 2018 at age 89, handing the reins of CK Asset Holdings and CK Hutchison Holdings to his eldest son, Victor Li.
