CK Asset’s Li Ka-shing Keeps Crown as Hong Kong’s Richest Amid Bear Market

Beaten-down shares took a toll on the wealth of Hong Kong’s real estate tycoons in 2023, with Li Ka-shing successfully defending his title of richest Hongkonger despite his fortune shrinking 7.2 percent to $36.2 billion.

CK Asset boss Li and a host of property moguls continued to rule the top 10 as the net worth of Hong Kong’s 50 richest fell 8.6 percent to $296 billion last year, Forbes said Thursday in a release.

Henderson Land’s Lee Shau Kee retained the rich list’s second spot even as his fortune tumbled 10.9 percent to $27 billion. In third place were New World Development magnate Henry Cheng and family, who saw their holdings plunge 24 percent to $22.1 billion — with the $7 billion decline marking the list’s biggest drop in dollar terms.

“Hong Kong’s economy grew an estimated 3.2 percent in 2023, buoyed by an uptick in tourist arrivals and consumption,” Forbes said. “However, with a sluggish IPO market and a stagnant property sector, the post-pandemic recovery has been slower than expected. The benchmark Hang Seng index declined 28 percent since fortunes were last measured a year ago.”

Stock Drop Stings

The rich list was compiled based on stock prices at the market close on 2 February. Shares of the 95-year-old Li’s CK Asset Holdings, which has cut prices at residential projects to boost demand, dropped by a third from a year earlier, while Henderson Land’s stock slid 30 percent despite the improved performance of its gas utility and hotel businesses, according to Forbes.

New World Development, meanwhile, has been selling off assets as it grapples with a high debt load, declining profitability and a sagging share price under the third-generation leadership of Adrian Cheng, who was promoted to CEO of the builder in May 2020.

The Cheng family took private its NWS Holdings construction business late last year in a HK$35.5 billion ($4.5 billion) deal that saw the clan acquire the 60.9 percent of NWS shares it did not already own, including a majority stake held by New World Development. Debt-laden NWD reaped HK$21.8 billion in proceeds from the disposal, which will be used for deleveraging.

The Lee siblings of oyster sauce giant LKK Group — which has dabbled in London real estate — maintained the No.4 spot on the rich list, despite their net worth slipping 8.3 percent to $17.7 billion. Rounding out the top five was Peter Woo of developer Wheelock & Co as his holdings slipped 18.9 percent to $13.7 billion.

The remaining property-related names in the top 10 were Chinese Estates’ Joseph Lau ($13.1 billion), K Wah International’s Lui Che Woo ($12.1 billion), Sun Hung Kai Properties’ Kwong Siu-hing ($11.4 billion) and Early Light International’s Francis Choi ($8.2 billion). Alibaba chairman Joseph Tsai ranked ninth with $8.5 billion.

Keswicks Debut

Three newcomers to the rich list were led by members of Hongkong Land’s Keswick family, who made their debut at the 34th spot with a fortune of $2.35 billion after a restructuring of their Jardine Matheson group’s complex cross-holdings, Forbes said.

Close behind at 35th with $2.3 billion was Li Ka-shing’s longtime companion Solina Chau, who co-founded and runs Horizons Ventures with backing from the investor known locally as Superman. The venture firm made early bets on Facebook and Zoom.

Also new was logistics and delivery entrepreneur Chow Shing Yuk (No.41, $1.9 billion), whose Lalatech Holdings filed for a Hong Kong IPO last year.

Dropping off the list was long-term fixture Lawrence Ho — son of the late casino tycoon Stanley Ho — as his Melco International Development was hit by a broader industry sell-off.

The minimum net worth to make the list was $1.1 billion, up from $965 million the previous year.