Lee Shau-kee leaves behind his legacy with a smooth succession at Henderson

Tycoon ensured a lasting legacy after he handed over control of the group to his two sons Peter Lee and Martin Lee well ahead of time

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(From left) Henderson Land chairman Lee Shau-kee (centre) with vice-chairmen Martin Lee Ka-shing (left) and Peter Lee Ka-kit at the annual general meeting on May 28, 2019. Photo: Sam Tsang

Published: 12:32pm, 19 Mar 2025Updated: 4:18pm, 19 Mar 2025

When Lee Shau-kee’s two sons, Peter Lee Ka-kit and Martin Lee Ka-shing, took over the reins of a multibillion-dollar business empire in 2019, the event was remarkable for being uneventful.

Before the elder Lee formally stepped down in May that year, Henderson Land Development, which directly or indirectly controls six listed units in Hong Kong, had announced months earlier the appointment of his two sons as joint chairmen and managing directors. This ensured the transition was less disruptive as the changes had been clearly telegraphed, giving the market enough time to digest the leadership reshuffle.

The elder Lee, who died on Monday at the age of 97, has left behind Henderson Land Development and six other Hong Kong-listed companies with a combined market value of HK$710 billion (US$91.4 billion) on March 18, according to Bloomberg data. His family’s effective interest was worth US$59 billion.

“Family business successions are never easy, but we must remember that we are more likely to see [succession] failures in the news,” said Marleen Dieleman, who leads research at the IMD Business School in Singapore. “Uneventful and smooth successions are common too, but are less talked about.”

Peter Lee Ka-kit, the elder son of Lee Shau-kee, pictured in October 2024. Photo: Dickson Lee

From the get-go, the demarcation between the brothers was clear. Lee announced that Peter, the older of the two, would be responsible for Henderson’s business in mainland China, while Martin would take care of the Hong Kong affairs.