The Richest Man In Hong Kong Li Ka-shing Retires At 89

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We wish Mr Li a happy retirement!

The name Li Ka-shing is a prominent one in Asia. After amassing so much wealth that he is one of Asia’s richest men, Li Ka-shing retires at 89.

He is the chairman of CK Hutchison Holdings Ltd. and CK Asset Holdings Ltd and will stay an adviser to the group after stepping down in later in May.
His son, Victor, will take over the conglomerate, part of which includes Power Assets Holdings Ltd, ParknShop supermarkets, mobile-phone stores and Superdrug and Savers in the U.K. as well as ports around the world and a controlling stake in Husky Energy Inc. in Canada. Li-controlled companies are among the biggest foreign investors in the U.K. He is also a major investor in technology startups such as Facebook, Spotify and Siri.

“Looking back all these years, it’s my honour to have founded Cheung Kong and to have served society,” Li said in a press conference in Hong Kong.

Li Ka-shing retires: The story behind the billionaire

li ka-shing retires

Source: Shutterstock

From a refugee who used to sweep factory floors in Hong Kong for a living to the most successful man in Asia, Li is worth about $34 billion, according to the Bloomberg Billionaires Index.

He was born July 29, 1928 in Chaozhou, a city in Guangdong. Though his father was a school principal, his formal education stopped at high school when the Japanese troops invaded Guangdong.

His family fled from war-torn China for Hong Kong in 1940. Li worked in a factory while caring for his ailing father, who later died from tuberculosis.

By the time he was a teenager, Li was working 16 hours a day at a plastics trading company.

After the war, he started off as a manufacturer of plastic flowers. He was unable to renew the lease of his factory, which is when he decided to buy the property. Thus, began his journey as a property mogul.

“Li’s retirement symbolisess the end of an era,” said Joseph P.H. Fan, a professor at the Chinese University of Hong Kong. “No one can replace Li Ka-shing as the legendary founder of the largest conglomerate in Hong Kong.”

His retirement illustrates his confidence in his son, Fan added.

16-hour workday till the end

Li Ka-shing retires

Source: Shutterstock

Despite his immense wealth, Li does not slack off. He still maintains an intense schedule, working as many as 16 hours daily, seven days a week.

Long after he became a billionaire, Li still wore a simple Seiko watch on his wrist. Only recently did he make a small upgrade to a Citizen watch that costs around $400.

It just goes to show that hard work really does pay off and as much wealth as Li has amassed, he still works hard everyday to ensure his companies do well.

Source: Bloomberg

 

Li Ka-shing retires at 89 and we wish him all the best! 

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