Lee Shau-kee Officially Hands Over Power

Hong Kong's second-wealthiest man Lee Shau-kee officially handed over the reins of his empire to his sons on Tuesday.

But those who had hoped to benefit from his pearls of wisdom were left disappointed as the 91-year-old left all the talking to his two sons as he was suffering from a throat ailment.

Lee's successors, 56-year-old Peter Lee and 48-year-old Martin Lee, have taken over as joint chairmen of the business empire's flagship companies, Henderson Land Development and Towngas.

Martin Lee told reporters at Henderson's annual general meeting that he has close communication with his older brother and they'll work together with trust and respect for each other.

He is tasked with taking care of Henderson Land's Hong Kong business, while Peter Lee will oversee its mainland development.

On the local property market, Martin Lee said home prices will remain steady, thanks to high demand and low interest rates.

About the ongoing controversy surrounding the government's controversial extradition law amendments which has riled political opponents and the business sector, Peter Lee said there is no reason not to support the changes, saying they are aimed at "plugging a legal loophole".

As for Lee Shau-kee, he'll stay on as an executive director of Henderson Land, a company he founded more than 40 years ago.

According to Forbes, the man affectionately known as "Uncle Four" has an estimated wealth of US$30 billion.

In a city where tycoons are idolised and seen as symbol of Hong Kong's spirit of enterprise, this is another sign of changing times. The city's wealthiest tycoon Li Ka-shing, 90, retired last year, handing the baton to his oldest son Victor.

Gambling tycoon Stanley Ho, known as the "godfather" of Macau casinos, also stepped down last year aged 96 as his daughter Daisy took over his flagship SJM Holdings. (Additional reporting by AFP)