Li Ka-Shing, preident of Cheung Kong Group, at 2009 interim results announcement in Aug 2009. [Xinhua]
Li Ka-shing, chairman of Cheung Kong (Holdings) Ltd, is Hong Kong's richest person with a net worth of $21.3 billion, Forbes Asia Magazine reported, after his wealth gained $5 billion in the past year.
The total net worth of Hong Kong's 40 richest people swelled to $135 billion, up from $82 billion a year ago, the magazine said. Not one list member is poorer, it said.
Still, the list members' combined wealth remains below its 2008 high of $179 billion. Li Ka-shing's fortune is less than the magazine's $32 billion estimate of his wealth in 2008.
Over a dozen of Hong Kong's 40 richest people have "substantial" real estate investments in Chinese mainland, the magazine said.
Eight newcomers made the list including Allan Wong, cofounder of Vtech Holdings Ltd, the maker of cordless phones and electronic education toys; Tang Hsiang Chien, father of Hong Kong's chief secretary for administration, Henry Tang; and Harindarpal Banga, vice chairman of Noble Group Ltd.
Li, 81, is dubbed "superman" by Hong Kong's media because of his track record for investing. He correctly predicted in 2007 that China's stock market was in a "bubble." His fortune was estimated at $16.2 billion by Forbes magazine in March 2009.
Li was born in 1928 in Chaozhou in the southern Chinese Guangdong province and expanded the Hong Kong plastics company he founded in 1950 through real-estate investments and acquisitions. His Cheung Kong group owns units in industries including ports, telecommunications, energy, property and retail in more than 50 countries.
Hong Kong's 40 richest people
1, Li Ka-shing
Li Ka-shing, chairman of Cheung Kong (Holdings). [Xinhua]
Chairman of Cheung Kong (Holdings)
$21.3 billion
Age: 81
Marital Status: Widowed, 2 children
His Cheung Kong paid $100 million for shares in Russian aluminum maker Rusal ahead of its January Hong Kong listing; his Hutchison Whampoa offered $545 million to take its telecom subsidiary private. Li's been buying up shares in both firms. Oil firm Husky Energy, in which he has big stake, made another big gas discovery in the South China Sea in 2009.
2, Lee Shau Kee
Lee Shau Kee, chairman of Hong Kong & China Gas. [Xinhua]
Chairman of Hong Kong & China Gas
$19 billion
Age: 82
Marital Status: Divorced, 5 children
Lee's wealth rebounded, thanks in part to doubling share price of his property firm, Henderson Land. Active investor with stakes in such outperfomers as China Shenhua Energy. Hong Kong & China Gas distributes gas in more than 90 cities.
3, Kwok family
Walter Kwok, Ping-sheung,Non-Executive Director of SHKP. [Xinhua]
$17 billion
Walter, who ran family's property firm SHKP for 18 years before being replaced by his 2 younger brothers, Thomas and Raymond, in 2008, dropped his lawsuit alleging improper dismissal last year and is now a nonexecutive director. Mother, Kwong Siu-hing, is nonexecutive chairman. Firm is finishing construction of Hong Kong's tallest building, the International Commerce Center. Opened replica of Noah's Ark in Hong Kong in May as tourist attraction.
4, Cheng Yu-tung
Cheng Yu-tung, chairman of New World Development. [Agenceis]
Chairman of New World Development
$7 billion
Age: 84
Marital Status: Married, 4 children
His New World Development, which launched a Facebook page in December, reportedly hired bankers for upcoming debt road show. Cheng's personal investment firm bought stakes in Ming Fung Jewelry, New Times Energy, property firm Evergrande.
5, Joseph Lau, Luen-hung
Joseph Lau, Luen-hung, Chairman & CEO of Chinese Estates. [Agencies]Chairman & CEO of Chinese Estates
$6 billion
Age: 59
Marital Status: Divorced, 4 children
One of Hong Kong's biggest landlords kept occupancy rates above 90% at his Chinese Estates despite downturn. Launched first development in Chengdu. Spent $9.5 million for a 7.03-carat blue diamond, which he renamed "Star of Josephine" after youngest daughter.
6, Michael Kadoorie
$5 billion
Age: 68
Marital Status: Married, 3 children
Power generator CLP is still core of Kadoorie's wealth, but Hongkong & Shanghai Hotels generated some of best returns last year. Opened the Peninsula in Shanghai, the city where family got its start. Took control of the Peninsula in Chicago.
7, Peter Woo
$4.2 billion
Age: 64
Marital Status: Married
Wheelock, whose main subsidiary, the Wharf (portfolio includes Hong Kong's Times Square, Harbour City), rebounded along with real estate sector. Group is close to finishing one of Shanghai's tallest structures in prestigious Jing'an district. Its I-Cable is bidding for free-to-air broadcast license, city's third.
8, Chen Din Hwa
$3.2 billion
Age: 87
Marital Status: NA
His Nan Fung Group first made money in textiles; it is now a property developer, with interests also in shipping. Partnering with HSBC to invest in property in China; the 2 recently formed venture with UK's Tesco to invest in malls. Chen owns minority stake in Sino Land.
9, William Fung
$3 billion
Age: 60
Marital Status: Married, 1 child
Outsourcing giant Li & Fung, founded by his grandfather, just signed an agreement to act as a buying agent for Walmart. Last year picked up Liz Clairborne's sourcing operations in Asia, became exclusive sourcing agent for Talbots; bought children's apparel maker Wear Me, footwear supplier Shubiz. William, who was named to Singapore Airlines board in January, is managing director; brother Victor, a US citizen, is chairman. Possible successor: Victor's son Spencer, an executive director. Brothers own stakes in newly public luxury menswear retailer Trinity.
10, Victor Fung
$2.9 billion
Age: 63
Marital Status: Married, 2 children
Outsourcing giant Li & Fung, founded by his grandfather, just signed an agreement to act as a buying agent for Walmart. Last year picked up Liz Clairborne's sourcing operations in Asia, became exclusive sourcing agent for Talbots; bought children's apparel maker Wear Me, footwear supplier Shubiz. Victor, a US citizen, is chairman. Brother William is managing director Possible successor: Victor's son Spencer, an executive director. Brothers own stakes in newly public luxury menswear retailer Trinity.
11, Chee Chen (C.C.) Tung
$2.89 billion
Age: 66
Marital Status: Married
Family's shipping firm, Orient Overseas, lost $231 million in first half of 2009. Stock jumped in January after it sold $2.2 billion worth of mainland property. C.C. has headed Orient since brother Tung Chee Hwa stepped down to lead Hong Kong's government between 1997 and 2005; he is now vice chairman of China consultative political body.
12, Ronnie & Gerald Chan
$2.6 billion
Age: 60/58
Marital Status: NA
Hang Lung Group, property developer that Ronnie heads, gets more than 40% of its rental income from Shanghai, through such landmarks as Plaza 66. Using same digits on other mainland projects in Dalian, Tianjin, others. Gerald leads family's Morningside Group with interests in media, Internet, life sciences.
13, Michael Ying
$2.5 billion
Age: 60
Marital Status: Married, 3 children
Former chief of Esprit, steadily reduced his stake in the apparel maker, pocketing close to $2 billion over time. Retains almost 9% in company, which just reported first annual profit decline in decade. Said to be an amateur paleontologist. Married to former movie star Brigitte Lin.
14, Richard Elman
$2.3 billion
Age: 69
Marital Status: Married, 4 children
British national has run commodities trading firm, Noble Group, from Hong Kong for more than 2 decades. Recently sold part of his stake to a Chinese-government-owned investment firm; still has 24%. Grew up in Brighton; quit school at 15. Worked in scrap business in US, Japan, Thailand, India. Later became regional director of commodities trader Phibro.
15, Patrick Lee
$2.25 billion
Age: 66
Marital Status: Married. 5 children
Net worth of Lee & Man Paper's founder, which dropped from $3.2 billion to $485 million last year, has more than quadrupled as stock recovered strongly, making him year's biggest percentage gainer. Group's delayed Vietnam expansion apparently back on track.
16, Michael & Patrick Wu
$2.13 billion
Age: 72/71
Marital Status: NA
Cousins cashed out at top of market selling family's Wing Lung Bank, which they ran together, to China Merchants Bank for 3 times book value in 2008. Rather than listing them separately as we did last year, Forbes Asia combined their fortunes once again.
17, Stanley Ho
$2.1 billion
Age: 88
Marital Status: Married, 17 children
Fortunes of Macau and its casino king rebounding thanks to new political leadership in gambling mecca and hopes for economic recovery. Net worth also up due to better information on private holdings, particularly those held through his STDM, which bought Mandarin Oriental Hotel in Macau last year, renaming it Grand Lapa; also has real estate in China. Hospitalized briefly late last year, causing speculation about succession.
18, Tang Yiu
$2 billion
Age: 74
Marital Status: Married.
Founder of Belle International, China's largest retailer of women's shoes with about 7,000 stores. Its Hong Kong-traded shares tripled this past year on strong consumer spending. Tang and other executives sold some shares in December. Shares fortune with daughter Tang Ming Wai, group's executive director, to whom he lately transferred more shares.
19, Vincent Lo
$1.95 billion
Age: 61
Marital Status: Married, 2 children
His wealth rebounded thanks to improving fortunes of his property developer Shui On Land, best known for its Shanghai Xintiadi development; has announced plans to find a successor in the next year though says he'll remain chairman. Also heads cement producer Shui On Construction. Took over two hotels in Shanghai in late Dec after partner stopped work. Member of the Chinese People's Political Consulative Conference. Director at Hang Seng Bank. Remarried former Miss Hong Kong 2008; recently bought a plane.
20, Li Sze Lim
$1.9 billion
Age: 51
Marital Status: Married
Stock of Guangzhou R&F Properties, of which he is chairman, jumped along with China's property market. Math major is part-time professor at Sun Yat-Sen and Jinan universities.
21, Or Wai Sheun
$1.8 billion
Age: 58
Marital Status: Married
His Kowloon Development recovered from investment losses in 2008 in part through successful sales of luxury projects in Hong Kong, Macau. Working with Hong Kong's Urban Renewal Authority and Hong Kong Playground Association to create a combination sports stadium, youth center, commercial complex, residential tower.
22, David Li
$1.55 billion
Age: 70
Marital Status: Married, 2 children
His Bank of East Asia is back on track after 2008 run on shares due to discovery of undisclosed derivative trading losses. Stock soared on news that Malaysian billionaire Quek Leng Chan upped his stake in apparent takeover attempt. BEA then issued shares to 2 other banks in defensive move that diluted existing shareholders.
23, Francis Choi
$1.5 billion
Age: 63
Marital Status: Married, 3 children
Made initial fortune in toy manufacturing. Now owns dozens of properties in Hong Kong, including parking lots, malls, homes. Other assets include shares in Regal Hotels, Town Health, cars; expecting delivery of a new yacht this year.
24, Lui Che Woo
$1.47 billion
Age: 80
Marital Status: Married, 5 children
Construction tycoon who got early Macau gaming license is again a billionaire thanks to rebound in his Galaxy Entertainment. Upped budget of his megaresort on Cotai by 40%; plans to look for funding for resort, now expected to open in Q1 2011. Also leads property firm K. Wah International.
25, Helmut Sohmen
$1.39 billion
Age: 70
Marital Status: Married, 3 children
Austrian national settled in Hong Kong almost 40 years ago. Chairs BW Group, one of world's largest maritime groups. Wife is daughter of late shipping tycoon Yue-Kong Pao.
26, Richard Li
$1.3 billion
Age: 43
Marital Status: Single, 1 child
His telecom, PCCW, dropped its $2.1 billion privatization plan after deal ended up in court. Later issued special one-time cash dividend to shareholders including Li. Formed joint venture with China's Caijing magazine to start news service. Negotiating to buy AIG's asset management business for $500 million. Girlfriend, Isabella Leong, 21, former actress who appeared in The Mummy: Tomb of the Dragon Emperor, gave birth to a boy (Li's first) in April.
27, Alfred Chan & Edward Tan
$1.29 billion
Age: 62/66
Marital Status: NA
Brothers, who spell their last name differently, make debut, thanks to successful December listing of their luxury department store operator, PCD which Alfred (above) chairs. Canadian nationals, Hong Kong residents already had success with luxury fashion retailer Ports 1961, listed since 2003, which also operates stores in China for BMW.
28, Lee heirs
$1.25 billion
Age: NA
Marital Status: NA
Peter Lee, longtime head of largest commercial landlord in Hong Kong's busiest shopping district, Hysan Development, died in October. Cousins Anthony Hsien Pin Lee, Chien Lee, Deanna Ruth Tak Yung Rudgard, with whom he shared fortune, are overseeing transition of business founded by their grandfather Lee Hysan.
29, Hui Sai Fun
$1.2 billion
Age: NA
Marital Status: NA
With family, operates Central Development, owner of valuable Hong Kong properties, including the Central Building.
30, Patrick Wang
$1.15 billion
Age: 59
Marital Status: Married, 4 children
Fortune doubled, thanks to improved outlook for his Johnson Electric, maker of automotive micromotors. Opened factory in Chennai in January. Secured $400 million loan in December to be used to refinance debt. Johnson chief executive; Mother, Yik-Chun Koo Wang, is honorary chairman; 2 brothers, sister sit on board.
31, Lo Ka Shui
$1.1 billion
Age: 62
Marital Status: Married, 4 children
Brother of Vincent Lo (No 19); runs property developer, hotel operator Great Eagle; opened a Langham boutique hotel in Shanghai 2009.
32, Allan Wong
$1.06 billion
Age: 59
Marital Status: Married, 2 children
Cofounded Video Technology in 1976 to make home TV game consoles. Today VTech, which he heads, is one of world's largest makers of cordless phones; number one in US Also makes electronic educational toys.
33, George Wong
$1.05 billion
Age: 58
Marital Status: NA
He and three brothers own property developer Chyau Fwu Group, with hotels, residences in Asia, Europe. Father built up family business in Taiwan before moving headquarters to Hong Kong.
34, Pong Hong Siu Chu
$1 billion
Age: 88
Marital Status: Widowed, 7 children
Cofounded Shiu Wing Steel with late husband, Pong Ding Yuen, 1950. It is now Hong Kong's only remaining steel producer. Most of family fortune comes from 1997 property sale. Still goes to office.
35, Jonathan Choi
$950 million
Age: 52
Marital Status: Married, 5 children
Has steered Sunwah Group, founded by his father, Choi Kai Yau, as a seafood trading company, into real estate, infrastructure, finance; has stakes in Toronto-listed Kingsway International Group and Vina Capital, which invests in Vietnam. Chairs the Hong Kong Chinese General Chamber of Commerce.
36, Fong Yun Wah
$940 million
Age: 75
Marital Status: 8 children
Leads Hip Shing Hong, which owns at least 1.5 million square meters of rental space in Hong Kong, including Hip Shing Hong Center, shops, luxury apartments. Space enthusiast has an asteroid named after him. Philanthropist: 2 buildings at Chinese University of Hong Kong named after Fong and his father.
37, Harindarpal Banga
$890 million
Age: 59
Marital Status: Married, 2 children
Recruited by Richard Elman 2 decades ago to help run commodities firm Noble. Vice chairman owns 9% of firm. "Harry" has several homes in Hong Kong, where he has lived for 2 decades; India, where he was born; and New York.
38, Gordon Wu
$870 million
Age: 74
Marital Status: Married, 4 children
His Hopewell Highway invests in highways, power across southern China's Pearl River Delta.
39, Law Kar Po
$860 million
Age: 59
Marital Status: Married, 3 children
Grew up in textile family. Earning own fortune through Lobo Investment. Chairs China Infrastructure Investment. Co-owns, with brother, Park Hotel Group, operator of hotels in Asia. Daughter Wendy helping to develop luxury department store chain, Knightsbridge.
40, Tang Hsiang Chien
$850 million
Age: 87
Marital Status: NA
Founder of printed circuit-board maker Meadville. In a move seen as helping Tang's son Henry become Hong Kong's next head of government, Meadville said in December that it would sell and delist assets.
