Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Sign Up / Login Logout

Lost your password?
Register
Forgotten Password
Cancel

Register For This Site

A password will be e-mailed to you.

  • Capital Markets
  • Events
    • Mingtiandi 2023 Event Calendar
    • Mingtiandi APAC Residential Forum 2023
    • Mingtiandi Asia Logistics Forum 2023
    • Mingtiandi Hong Kong Focus Forum 2023
    • Mingtiandi APAC Data Centre Forum 2023
    • Mingtiandi Asia Office Strategies Forum 2023
    • Mingtiandi Singapore Focus Forum 2023
    • More Events
  • MTD TV
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

Seven of Hong Kong’s Ten Richest People are Real Estate Developers and They Own Half the City

2018/01/18 by Shawna Kwan Leave a Comment

Li Ka-shing

Li Ka-shing, Hong Kong’s number one billionaire

Seven of Hong Kong’s ten wealthiest people and almost half of the city’s top billionaires made their fortunes in real estate, according to the latest annual ranking of the city’s 50 richest people by Forbes.

Thanks to a roaring real estate market and a 37 percent leap in the Hang Seng Index, the combined wealth of Hong Kong’s fifty richest people surged by $60 billion to $307 billion during 2017.

Property developers, including five individuals and a pair of brothers, take the top six slots among the city’s most affluent. Still perched at the top of the heap is Li Ka-shing, the chairman of CK Asset Holdings, who is known as “Superman” for the investment prowess that has brought him a fortune of $36 billion.

Li’s fellow 89-year-old, Lee Shau Kee, comes in second place with a net worth of $32.9 billion. Lee is also the billionaire whose net worth grew the most last year, by $9.3 billion, or 39 percent — driven by rising shares in his Henderson Land and his stakes in growing mainland firms Country Garden and Ping An Insurance.

Wealth of Hong Kong’s Six Richest Developers Equals 42% of GDP

Hong Kong real estate tycoons

Hong Kong’s richest real estate tycoons (Source: Forbes)

Together with K Wah International’s Lui Che Woo, Sun Hung Kai Properties’ Kwok brothers, Chinese Estates’ Joseph Lau and Wheelock Properties’ Peter Woo, the six property developers have assets that collectively total $135.7 billion — equivalent to 42 percent of Hong Kong’s GDP in 2016.

Newcomer to the list Henry Cheng, son of the late tycoon Cheng Yu-tung, ranked 49th with a net worth of $1.3 billion. His father, the founder of New World Development, was Hong Kong’s third-richest when he died in 2016.

Hong Kong saw more than $54 billion in total real estate transactions last year, making the city the second-largest urban property market in the world, according to a report by Colliers International.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Finance Tagged With: daily-sp, Henry Cheng, Hong Kong, Joseph Lau, Lee Shau Kee, Li Ka-shing, Lui Che woo, Peter Woo, Raymond Kwok, real estate developer, Thomas Kwok

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

MTD TV

Adrian Lee of AEW
AEW, KKR, Savills See Singapore Rising on HQ Demand, Return to Office
core panel screenshot2
Allianz, KKR, Gaw and Colliers See Top Asia Office Markets on the Upswing

More MTD TV Videos>>

People in the News

Liu Weiliang Zhenro
Asia Real Estate People in the News 2023-01-23
Paul Davis JLL
JLL Hires Paul Davis, Shai Greenberg to Lead Japan International Capital Division
Craig Pearce Nikota Capital
Japan’s Nikota Capital Launches Real Estate Brokerage Arm
Eric Gan FHT
Frasers Promotes Eric Gan to FHT CEO as Eu Chin Fen Takes Over Hospitality Division

More Industry Professionals>>

People in the News

Asia Real Estate People in the News 2023-01-23

Liu Weiliang Zhenro

An ailing mainland developer leads this week’s set of personnel moves from around Asia, as a new chairman takes over at … Read More>>

JLL Hires Paul Davis, Shai Greenberg to Lead Japan International Capital Division

Paul Davis JLL

JLL has beefed up its Japan capital markets team with the hiring of Paul Davis and Shai Greenberg to serve as co-leads … Read More>>

Japan’s Nikota Capital Launches Real Estate Brokerage Arm

Craig Pearce Nikota Capital

Tokyo-based Nikota Capital has established Nikota Realty as a real estate brokerage division to help individual … Read More>>

Frasers Promotes Eric Gan to FHT CEO as Eu Chin Fen Takes Over Hospitality Division

Eric Gan FHT

Following the failed privatisation of Frasers Hospitality Trust last September, sponsor Frasers Property has made a … Read More>>

More Industry Professionals>>

Latest Stories

Ismail Gafoor of PropNex Realty
Singapore Home Price Growth Eases to More Than Two-Year Low as Sales Slide
Frasers Group JV Buys Half-Stake in Mercatus Singapore Mall for $497M
Sonny Kalsi BentallGreenOak
BentallGreenOak Buying Landmark Osaka Hotel for Reported $385M

Sponsored Features

Malls and Megaprojects from Hong Kong to Beijing Triumph at PropertyGuru Awards Show
Thomasin Crowley, WiredScore
Fit for the Future: Retrofitting Hong Kong’s Ageing Office Stock
Vlinker CEO Vic Zhou
Vlinker Unveils 3,000 Apartments in Multifamily Boost for Shanghai’s Minhang District

More Sponsored Features>>

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • 2022 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Membership
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2023 China Advertising Media Ltd (Samoa). All rights reserved.

  • This field is for validation purposes and should be left unchanged.