Asian Tycoon Li Ka-shing Retires after 68 Years, Victor Li Becomes Chairman

Asian Tycoon Li Ka-shing Retires after 68 Years, Victor Li Becomes Chairman

Asia’s most recognisable business tycoon, and Asia’s richest man for much of last decades, Li Ka-shing, Chairman of CK Hutchison and CK Assets, has announced his retirement (at age 89) after 68 years.  In the latest annual reports of his 2 main companies, CK Hutchison and CK Assets, he announced his retirement and will step from his role as Chairman and Executive Director at the upcoming Annual General Meeting.  The board of CK Hutchison and CK Assets has proposed Li Tzar Kuoi, Victor (his son) to lead the Group respectively, with Li Ka Shing agreeing to remain as Senior Advisor.

” Li Ka-shing Retires after 68 Years at the age of 89 “

Born in 1928, Li Ka-shing left school at 12 in 1940 and move to Hong Kong to avoid the war.  Shortly, his father passed away from tuberculosis and started working in a plastic trading company for almost 16 hours a day before he turn 15.  In 1950, around the age of 21, he founded his business in 1950 and in 1972, listed Cheung Kong (Holdings).  Today his main companies, CK Hutchison and CK Assets, are one of the largest companies in Hong Kong, Asia and the world.  CK Hutchison & subsidiaries alone, employs around 300,000 employees worldwide.  He is one of Asia’s most influential and successful entrepreneur, with business interests in infrastructure, real estate, financial services, retail and technology.  According to Forbes, he has an estimated net worth that exceeds $37 billion.

He has 2 children, Victor Li, who will assume his role as Chairman at CK Hutchison and CK Assets, and Richard Li, who is the Chairman of PCCW, one of Asia’s leading information technology and telecommunications companies.  Li Ka-shing is a high school dropout and is known to wear an inexpensive Seiko watch.

Source: CK HutshisonCK Assets

 

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https://youtu.be/A567e03TkiQ

 

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Hong Kong’s Richest Man Li Ka-shing Sells Hong Kong’s 5th Tallest Building for $5.15 Billion

Hong Kong’s Richest Man Li Ka-shing Sells Hong Kong’s 5th Tallest Building for $5.15 Billion

Li Ka-shing, Chairman of CK Asset Holdings, has sold The Center Tower for $5.15 billion (HKD 40.2 billion).  The building is a portfolio of CK Asset Holdings, is Hong Kong’s 5th tallest building and is located in the city’s Central district.

” Li Ka-shing sells The Center Tower for a Record $5.15 Billion “

The buyer is a BVI registered company, C.H.M.T. Peaceful Development Asia Property, that is owned by Beijing-based China Energy Reserve & Chemicals Group (CERCG) (55%) and a group of Hong Kong investors (45%) that includes David Chan Ping-chi, known as the city’s “King of Cassettes” and also chairman of Acme Group.  Li Ka-shing is Hong Kong’s richest man and one of Asia’s wealthiest man in Asia.

Source: South China Morning Post, PEAK

 

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About CK Asset Holdings

CK Asset Holdings Limited (“CK Asset” or “the Group”) is a leading multinational corporation committed to achieving long-term sustainable growth through continual strengthening of its existing property businesses, and steady enhancement of its recurring income base via prudent investment strategy. The Group has diverse capabilities with activities encompassing property development and investment, hotel and serviced suite operation, property and project management, aircraft leasing, and investment in energy and infrastructure assets that are household equipment services related.

As one of the largest property developers in Hong Kong, CK Asset has a leading market share in Hong Kong, an extensive portfolio in Mainland China, and a significant presence in Singapore and the United Kingdom. With its long history of property development expertise, the Group has built many of Hong Kong’s most notable landmark buildings and complexes, some of which form part of its core asset holdings.

In addition to the property businesses, CK Asset has diversified globally through quality investments with stable recurring revenue on a worldwide basis. It has extended its reach to the energy and infrastructure sector, as well as aircraft leasing, with investments and operations now spanning continental Europe, Australia, Canada and the United Kingdom.

Visit: CK Asset Holdings

 

About Li-Ka-Shing

Mr. Li Ka-shing is the Chairman of CK Asset Holdings Limited and CK Hutchison Holdings Limited.

Mr. Li was born in 1928 in Chiu Chow, a coastal city in the southeastern part of China. Mr. Li was forced to quit school when he was 12 and fled to Hong Kong with his family to avoid the perils of war. Shortly thereafter, his father suffered from tuberculosis and passed away in Hong Kong. Before he was 15, Mr. Li had to shoulder the responsibility of providing for his family and found a job in a plastics trading company where he labored 16 hours a day. By 1950, his hard work, prudence and his pursuit of excellence had enabled him to start his own company, Cheung Kong Industries. From manufacturing plastics, Mr. Li led and developed his company into a leading real estate investment company in Hong Kong that was listed on the Hong Kong Stock Exchange in 1972. Cheung Kong continued to expand by acquiring Hutchison Whampoa and Hongkong Electric Holdings Limited (renamed Power Assets Holdings Limited) in 1979 and 1985 respectively.

With roots in Hong Kong, the CK Group’s businesses now span the globe, encompassing such diverse areas as ports and related services, retail, infrastructure, energy, telecommunications, property development and investment, hotel and serviced suite operation, property and project management, aircraft leasing and life sciences. Mr. Li is a strong believer in synergy—the power of combined efforts. This belief is reflected in his naming his company Cheung Kong after the Yangtze River that flows through China, a great river that aggregates countless streams and tributaries. The Times in the United Kingdom and Ernst & Young UK jointly named Mr. Li as the Entrepreneur of the Millennium at the turn of the century.

 


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Li Ka Shing to Plan Retirement by Next Year

Li Ka Shing to Plan Retirement by Next Year

Founder of CK Hutchison Holdings Li Ka Shing plans to retire by next year as Chairman of CK Hutchison Holdings Ltd. He has not specified a date but is most likely to step down by his 90th birthday in July next year. Li plans to remain as senior advisor and keep his office atop the headquarters building.

“Li who is known in Hong Kong as “Superman” for his business acumen is the city’s richest person and his US$32.6 billion wealth is second in Asia behind that of Jack Ma.”

~ Bloomberg

Li who is known in Hong Kong as “Superman” for his business acumen is the city’s richest person and his US$32.6 billion wealth is second in Asia behind that of Jack Ma. Though he would pass on the control of his group to his elder son, the retirement of Li Ka Shing would signify the end of an era.

Related Reports: Bloomberg, Wall Street Journal

 

About CK Hutchison Holdings

CK Hutchison is among the largest companies listed on the main board of The Hong Kong Stock Exchange. CK Hutchison has five core businesses – ports and related services, retail, infrastructure, energy and telecommunications.

Visit: CK Hutchison


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