Afp Business Asia

European stocks rose on Tuesday as investors prepared for Germany’s lawmakers to vote on a massive spending boost for defence and infrastructure, while escalating geopolitical fears supported commodities.Gold and oil prices climbed on fears of escalating tensions in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect. A weaker US dollar and uncertainty ahead of a telephone call about Ukraine between US President Donald Trump and Russian leader Vladimir Putin also helped boost the safe-haven metal. The Frankfurt stocks index advanced more than one percent as concerns grow over the United States’ wavering committment to European defence. “International investors, who have increasingly invested in German stocks over the past few months, are hopeful for a significant boost in fiscal policy,” said Jochen Stanzl, chief market analyst at trading group CMC Markets.Paris and London stock markets also advanced, as did the euro. Investors are also eyeing this week’s policy decisions from the Federal Reserve, Bank of Japan and Bank of England, with all three forecast to stand pat on interest rates.”A ‘wait and see’ approach is expected as the Fed grapples with the tough task of evaluating the impact of Trump’s tariff chaos,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.  The US central bank’s announcement comes also with updates to its outlook for the economy and interest rates this year, in light of Trump’s trade measures as well as plans to slash taxes, immigration and federal jobs.Asian markets rallied on Tuesday following another positive day on Wall Street stoked by US data that tempered concerns about a possible recession. Hong Kong led gains thanks to further buying of Chinese tech firms including Alibaba, Tencent and JD.com.Electric vehicle maker BYD was also a big winner, adding more than four percent — having jumped more than six percent to a record at one point — after unveiling battery technology it says can charge in five minutes.Shanghai also rose, along with Tokyo.Trading in Jakarta was halted as the market tanked more than seven precent — its biggest intraday drop since 2011 — on the worries about the Indonesian economy and weakening consumer spending heading into the Muslim Eid holiday period. It later resumed and pared its losses to four percent The bourse has plunged more than 10 percent so far this year as the economy struggles, and eyes are now on the country’s central bank ahead of a policy decision due on Wednesday.- Key figures around 1100 GMT -London – FTSE 100: UP 0.4 percent at 8,712.02 Paris – CAC 40: UP 0.4 percent at 8,106.84Frankfurt – DAX: UP 1.1 percent at 23,412.68Tokyo – Nikkei 225: UP 1.2 percent at 37,845.42 (close)Hong Kong – Hang Seng Index: UP 2.5 percent at 24,740.57 (close)Shanghai – Composite: UP 0.1 percent at 3,429.76 (close)New York – Dow: UP 0.9 percent at 41,841.63 (close)Euro/dollar: UP at $1.0936 from $1.0925 on MondayPound/dollar: UNCHANGED at $1.2990Dollar/yen: UP at 149.61 yen from 149.12 yenEuro/pound: UP at 84.19 pence from 84.07 penceBrent North Sea Crude: UP 1.3 percent at $71.97 per barrelWest Texas Intermediate: UP 1.4 percent at $68.50 per barrel

Shares in Chinese EV giant BYD surged to a record high Tuesday after it unveiled new battery technology it says can charge a vehicle in the same time it takes to fill up a petrol car.The company said the battery and charging system, called “Super e-Platform”, boasted peak speeds of 1,000 kW, allowing cars to travel up to 470 kilometres (292 miles) after being plugged in for just five minutes.The new technology aims to “fundamentally solve users’ charging anxiety”, according to BYD founder Wang Chuanfu.”Our pursuit is to make the charging time of electric vehicles as short as the refuelling time of fuel vehicles,” he said at Monday evening’s launch.Hong Kong-listed shares in BYD jumped more than six percent to hit a fresh peak at one point Tuesday morning before paring some of the gains.The announcement positions BYD ahead of arch-rival Tesla, whose Superchargers currently offer charging speeds of 500 kW.BYD introduced the Super e-Platform alongside two new EV models that will be the first to feature the system: the Han L sedan and the Tang L SUV.The Shenzhen-based company also unveiled plans to build more than 4,000 ultra-fast charging stations nationwide to support the new technology.The ambitious expansion comes on the heels of remarkable growth, with February sales soaring 161 percent to more than 318,000 electric vehicles.Meanwhile, Tesla experienced a steep 49 percent sales decline in the Chinese market during the same period.- Battery swap deal -Separately, on Tuesday, Chinese EV maker Nio said it had signed a deal with battery giant CATL involving cooperation on a passenger car battery swap network.Battery swapping offers an alternative to ultra-fast charging for vehicle owners worried about range, though the vast infrastructure required and standardisation issues present major hurdles.The new cooperation will see CATL invest a maximum of 2.5 billion yuan ($346 million) in Nio’s battery swap network.The Chinese electric vehicle market has witnessed explosive growth in recent years, but it has also seen fierce competition among domestic car manufacturers.Chinese EV maker XPeng on Tuesday said it is expecting deliveries to surge more than 300 percent year-on-year in the first quarter of 2025, to a projected 91,000 to 93,000 vehicles.That would be on par with the 91,000 deliveries the automaker saw in the final three months of 2024, according to quarterly and full-year financial results published online.XPeng’s total revenue last year was up 33 percent compared to 2023, reaching $5.6 billion.

Chinese consumer tech giant Xiaomi on Tuesday announced a surge in annual revenue, propelled by strong smartphone sales alongside a continued push into the electric vehicle sector.The Beijing-based firm manufactures a diverse array of tech gadgets ranging from smartphones and laptops to rice cookers and air purifiers.Its performance is considered to be a bellwether for consumer sentiment in China, where authorities have been seeking in recent months to stabilise a wobbly economy.The company’s total revenue last year was 365.9 billion yuan ($50.6 billion), up 35 percent from the previous year, according to a statement on the Hong Kong Stock Exchange website.Revenue was up 48.8 percent year-on-year in the fourth quarter of 2024, the statement showed.The brisk quarterly growth outpaced a Bloomberg forecast, which had anticipated revenue to increase by 43 percent during the period.Xiaomi entered China’s highly competitive EV market last year with the launch of its SU7 sedan, aiming to win over buyers with a range of high-tech features.”In 2024, the deliveries of the Xiaomi SU7 Series reached 136,854 vehicles,” said the statement.The firm added that it would “continue to ramp up production and ensure delivery, striving to achieve the target of delivering 350,000 vehicles for the entire year of 2025”.Revenue from EVs and “other new initiatives” reached 32.8 billion yuan last year, the stock exchange filing showed.But Xiaomi’s traditional strength — another business segment that includes smartphones — still accounted for the bulk of sales, with revenue reaching 333.2 billion yuan last year.Founded in 2010, Xiaomi initially achieved rapid growth through its strategy of marketing high-end devices at affordable prices.Beijing has since last autumn announced various measures in a bid to revive confidence in the economy and boost consumer spending.One such initiative involves state subsidies for purchases of certain personal electronics and home appliances — product categories in which Xiaomi has a strong presence.

Asian and European equity markets rallied on Tuesday following another positive day on Wall Street stoked by US data that eased recession fears, while Chinese tech firms helped propel another surge in Hong Kong.Traders have kicked off the week on a positive note after Beijing at the weekend unveiled a range of measures aimed at reigniting activity in China’s army of consumers.That was followed Monday by figures showing US retail sales grew less than expected last month but a separate reading — used to calculate economic growth — topped forecasts, tempering possible concerns about a possible downturn. However, while there have been no new announcements in recent days, investors continue to fret over the impact of Donald Trump’s trade war on global growth.Hong Kong, which has piled on more than a fifth since the turn of the year, rose 2.5 percent to lead the gains Tuesday thanks to further buying of Chinese tech firms including Alibaba, Tencent and JD.com.Electric vehicle maker BYD was also a big winner, adding more than four percent — having jumped more than six percent to a record at one point — after unveiling battery technology it says can charge in five minutes.Shanghai also rose, along with Tokyo, Sydney, Seoul, Singapore, Taipei, Mumbai and Bangkok.However, trading in Jakarta was halted as the market tanked more than seven percent — its biggest intraday drop since 2011 — on worries about the Indonesian economy and weakening consumer spending heading into the Eid holiday period. It later resumed and pared its losses to four percent.The bourse has plunged more than 10 percent so far this year as the economy struggles, and eyes are now on the country’s central bank ahead of a policy decision due on Wednesday.London, Paris and Frankfurt rose at the open.The rally came after a second successive day of gains on Wall Street, which has been hammered this month by a sell-off sparked by Trump’s tariffs campaign that many fear could ramp up US inflation and hammer the economy.But SPI Asset Management’s Stephen Innes warned investors that investors weer not out of the woods yet.”Don’t get too comfortable — nervous eyes remain locked on Washington’s tariff tumult,” he wrote in a commentary.”The storm is far from over, and with the next escalation looming, the market is still walking a fine line between optimism and another sharp reality check.”Uncertainty about the impact of the tariffs and renewed concerns about the Middle East after Israel struck targets in Gaza helped safe-haven gold hit a fresh record just short of $3,020.This week is due to see policy decisions by the Federal Reserve, Bank of Japan and Bank of England, with all three forecast to stand pat on interest rates.The US central bank’s announcement will also come with updates to its outlook for the economy and interest rates this year, in light of Trump’s trade measures as well as plans to slash taxes, immigration and federal jobs.”We do not expect major changes in forward guidance on policy rates in the updated (policy board) statement,” said Ryan Wang, US economist for HSBC.”The statement could repeat that risks to (its) employment and inflation goals ‘are roughly in balance’ and that the ‘economic outlook is uncertain’.”However, he did say that while he saw no major changes to the bank’s median economic outlook, “the changes that we do expect are in a pessimistic direction”.- Key figures around 0815 GMT -Tokyo – Nikkei 225: UP 1.2 percent at 37,845.42 (close)Hong Kong – Hang Seng Index: UP 2.5 percent at 24,740.57 (close)Shanghai – Composite: UP 0.1 percent at 3,429.76 (close)London – FTSE 100: UP 0.4 percent at 8,711.68 Euro/dollar: UP at $1.0929 from $1.0925 on MondayPound/dollar: DOWN at $1.2987 from $1.2990Dollar/yen: UP at 149.85 yen from 149.12 yenEuro/pound: UP at 84.16 pence from 84.07 penceWest Texas Intermediate: UP 0.8 percent at $68.12 per barrelBrent North Sea Crude: UP 0.8 percent at $71.62 per barrelNew York – Dow: UP 0.9 percent at 41,841.63 (close)

Hong Kong leader John Lee on Tuesday said criticism of city conglomerate CK Hutchison’s sale of its Panama Canal ports deserved “serious attention”, after Beijing authorities repeatedly slammed the deal.The business empire of Hong Kong’s richest man, Li Ka-shing, sold most of its port operations — including those in the canal — to a US-led consortium this month following pressure from US President Donald Trump.But Beijing has upped pressure on the firm since, with two Chinese government offices managing Hong Kong affairs republishing newspaper articles last week blasting the transaction and questioning whether CK Hutchison sided with the United States over China.”There have been extensive discussions in society about the issue and this reflects society’s concern over the matter,” Lee, the chief executive of the largely autonomous Chinese city, told reporters.”These concerns deserve serious attention.”Bloomberg News reported on Tuesday, citing unnamed sources, that senior Chinese leaders have ordered several government agencies — including the State Administration for Market Regulation — to scrutinise the deal.This examination by Beijing does not necessarily result in follow-up action, the sources told Bloomberg, asking not to be identified to discuss private deliberations.Asked to confirm that report, Beijing directed AFP to the “relevant authorities”.But spokeswoman Mao Ning said that “China has always firmly opposed the use of economic coercion, bullying and infringement to undermine the legitimate rights and interest of other countries”.Shares of CK Hutchison in Hong Kong fell nearly four percent on Tuesday morning.For months, Trump has complained that China controls shipping in the Panama Canal, which was built by the United States more than a century ago to link the Pacific and Atlantic oceans.The US president repeatedly threatened to “take back” the canal, which was handed over to Panama in 1999.- ‘Bullying tactics’ -Before the sale, CK Hutchison’s subsidiary in Panama had managed two of the five ports at the canal — one on Cristobal, on the Atlantic side and the other on Balboa, the Pacific side — via a government concession since 1997.CK Hutchison, one of Hong Kong’s largest conglomerates, said the deal was unrelated to recent political news.Lee on Tuesday urged foreign governments to “provide a fair and just environment” for Hong Kong enterprises, without calling out the United States by name.”We oppose the abusive use of coercion, of bullying tactics in international economic and trade relations,” he said.Lee said any transaction must comply with legal and regulatory requirements, adding that Hong Kong would “handle it in accordance with the law and regulations”.The Hong Kong and Macao Work Office — an office in Beijing overseeing Hong Kong affairs — republished a newspaper article last Thursday asking CK Hutchison “which side it stands on”.Two days later, it ran another piece critical of the deal, which was later republished by the Liaison Office, the top Beijing authority based in Hong Kong.AFP has contacted the conglomerate for comment.Outspoken Hong Kong ex-leader CY Leung added to the chorus of criticism, saying “some Hong Kong businesspeople mistakenly believe that ‘businesspeople have no homeland'”.”American businesspeople can and will do only things aligned with US interests… the same applies to China,” Leung wrote on Facebook on Monday.

Pacific nation Kiribati says it is exploring a deep-sea mining partnership with China, dangling access to a vast patch of Pacific Ocean harbouring coveted metals and minerals.Beijing has been ramping up efforts to court Pacific nations sitting on lucrative seafloor deposits of cobalt, nickel and copper — recently inking a cooperation deal with Cook Islands. Kiribati opened discussions with Chinese ambassador Zhou Limin after a longstanding agreement with leading deep-sea mining outfit The Metals Company fell through.”The talk provides an exciting opportunity to explore potential collaboration for the sustainable exploration of the deep-ocean resources in Kiribati,” the government said Monday evening in a statement.Pacific nations Kiribati, Cook Islands and Nauru sit at the forefront of a highly contentious push to mine the depths of the ocean.Kiribati holds rights for deep-sea mining exploration across a 75,000-square-kilometre swathe of the Pacific, in a region known as the Clarion Clipperton Zone.  Through state-backed subsidiary Marawa Research, Kiribati had been working with Canada-based The Metals Company to explore the mineral deposits. But that agreement was terminated “mutually” at the end of 2024, The Metals Company told AFP.A Kiribati fisheries official said the nation was now exploring opportunities with other foreign partners.The Metals Company said Kiribati’s mining rights were “less commercially favourable” than other projects with Pacific nations Nauru and Tonga.Kiribati’s announcement comes as international regulators begin a series of crunch meetings that could decide the fate of the nascent industry. The Metals Company and other industry players are pushing the International Seabed Authority to set rules allowing large-scale exploitation. – ‘Bending over backwards’ -Kiribati, a climate-threatened archipelago home to some 130,000 people, lays claim to an ocean expanse that forms one of the largest exclusive economic zones in the world.Under incumbent President Taneti Maamau it severed diplomatic links with Taiwan in 2019, forming deeper ties to China. Chinese companies have in recent years been granted rights to harvest Kiribati’s profitable fisheries — one of the nation’s few natural resources besides minerals. A visiting cadre of Beijing police have also visited the capital Tarawa to help train local Kiribati forces.Tessie Lambourne, a leading member of Kiribati’s opposition, said China seemed to be seeking access to “our maritime space for its own interest”.”I always say that our government is bending over backwards to please China,” she told AFP.China and Cook Islands struck a five-year cooperation agreement in February to study the Pacific nation’s seabed mineral riches. The deal did not include any exploration or mining licence.Companies hope to earn billions by scraping the ocean floor for polymetallic rocks, or nodules, that are loaded with manganese, cobalt, copper and nickel — metals used to build batteries for electric vehicles. Pacific nations such as Nauru and Kiribati believe the industry holds the key to economic prosperity in a region where scarce land is already under threat from rising seas. But neighbours Palau, Fiji and Samoa are staunchly opposed, pushing for lingering environmental questions to be cleared up before anyone takes the plunge.

Asian markets rallied on Tuesday following another positive day on Wall Street stoked by US data that eased recession fears, while Chinese tech firms helped propel another surge in Hong Kong.Traders have kicked off the week on a positive note after Beijing at the weekend unveiled a range of measures aimed at reigniting activity in China’s army of consumers.That was followed Monday by figures showing a key measure of US retail sales topped forecasts in February, suggesting recent concerns about a possible downturn in the world’s top economy may have been overblown.However, while there have been no new announcements in recent days, investors continue to fret over the impact of Donald Trump’s trade war on global growth.Hong Kong, which has piled on more than a fifth since the turn of the year, led the gains Tuesday thanks to further buying of Chinese tech firms.Alibaba, Tencent and JD.com were in the vanguard once again but electric vehicle maker BYD was also a big winner — jumping more than six percent to hit a record high — after it unveiled battery technology it says can charge in five minutes.Shanghai also rose, along with Tokyo, Sydney, Seoul, Singapore, Taipei and Manila.The rally came after a second successive day of gains on Wall Street, which has been hammered this month by a sell-off sparked by Trump’s tariffs campaign that many fear could ramp up US inflation and hammer the economy.However, SPI Asset Management’s Stephen Innes warned investors not to get too comfortable, with fresh levies on US trading partners due to kick in as soon as April 1.”Don’t get too comfortable — nervous eyes remain locked on Washington’s tariff tumult,” he wrote in a commentary.”The storm is far from over, and with the next escalation looming, the market is still walking a fine line between optimism and another sharp reality check.”Uncertainty about the impact of the tariffs helped safe-haven gold hit a fresh record of $3,008.53 in early trade Tuesday.This week is due to see policy decisions by the Federal Reserve, Bank of Japan and Bank of England, with all three forecast to stand pat on interest rates.The US central bank’s announcement will also come with updates to its outlook for the economy and interest rates this year, in light of Trump’s trade measures as well as plans to slash taxes, immigration and federal jobs.”We do not expect major changes in forward guidance on policy rates in the updated (policy board) statement,” said Ryan Wang, US economist for HSBC.”The statement could repeat that risks to (its) employment and inflation goals ‘are roughly in balance’ and that the ‘economic outlook is uncertain’.”However, he did say that while he saw no major changes to the bank’s median economic outlook, “the changes that we do expect are in a pessimistic direction”.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 1.5 percent at 37,943.23 (break)Hong Kong – Hang Seng Index: UP 1.9 percent at 24,599.48Shanghai – Composite: UP 0.2 percent at 3,432.30Euro/dollar: DOWN at $1.0911 from $1.0925 on MondayPound/dollar: DOWN at $1.2977 from $1.2990Dollar/yen: UP at 149.51 yen from 149.12 yenEuro/pound: UP at 84.08 pence from 84.07 penceWest Texas Intermediate: UP 0.3 percent at $67.75 per barrelBrent North Sea Crude: UP 0.3 percent at $71.25 per barrelNew York – Dow: UP 0.9 percent at 41,841.63 (close)London – FTSE 100: UP 0.6 percent at 8,680.29 (close)

Global stock markets started the week on the front foot on Monday as investors welcomed China’s plans to kickstart consumption in the world’s number two economy, with upcoming central bank rate decisions also in focus.Major Wall Street stock indices advanced for a second straight session, as US retail sales for February showed a 0.2 percent increase from the previous month, less than analysts expected but much better than January’s 1.2 percent decline. The data was good enough to keep alive the market’s momentum from Friday.”We’ve priced in a lot of the concerns on the trade war,” said Art Hogan of B. Riley Wealth Management.Investors were keeping tabs on Beijing as officials were set to outline their plans to kickstart spending by the country’s army of consumers after years of post-Covid weakness, which has been a major drag on economic growth.The plan looks to boost income with property reforms, stabilizing the stock market and encouraging lenders to provide more consumption loans with reasonable limits, terms and interest rates.”Hopes that a new consumer life raft in China will buoy up the country’s prospects of recovery have helped lift sentiment slightly, but caution remains,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.Officials were also looking at raising pension benefits, establishing a childcare subsidy system, and ensuring workers’ rights to rest and holidays are legally protected.The move comes after data showed consumer prices dropped into deflation in February for the first time in a year, while producer prices continued to fall.Hong Kong built on a blockbuster start to the year fuelled by a chase into Chinese tech giants, while Shanghai and Tokyo also enjoyed healthy buying.London, Paris and Frankfurt all advanced, tracking gains in Asia.But investors are concerned that US President Donald Trump’s myriad trade wars could create the conditions for stagflation: high inflation, weak demand and high unemployment.This week’s economic calendar includes policy decisions from the US Federal Reserve, the Bank of Japan and the Bank of England — and all are expected to keep interest rates on hold.Alongside its rate decision, the Fed will release its summary of economic projections and outlook for borrowing costs this year, which comes as policymakers try to navigate the potential inflationary impacts of Trump’s tariffs campaign.Gold was trading around the $3,000 an ounce mark on Monday, after it broke the symbolic threshold for the first time on Friday owing to a rush into safe havens as traders fret over Trump’s tariffs.”A faltering US dollar and heightened risk aversion, courtesy of Trump’s latest trade brinkmanship, continue to drive demand,” said City Index and FOREX.com analyst Fawad Razaqzada.- Key figures around 2030 GMT -New York – Dow: UP 0.9 percent at 41,841.63 (close)New York – S&P 500: UP 0.6 percent at 5,675.12 (close)New York – Nasdaq Composite: UP 0.3 percent at 17,808.66 (close)London – FTSE 100: UP 0.6 percent at 8,680.29 (close)Paris – CAC 40: UP 0.6 percent at 8,073.98 (close)Frankfurt – DAX: UP 0.7 percent at 23,154.57 (close)Tokyo – Nikkei 225: UP 0.9 percent at 37,396.52 (close)Hong Kong – Hang Seng Index: UP 0.8 percent at 24,145.57 (close)Shanghai – Composite: UP 0.2 percent at 3,426.13 (close)Euro/dollar: UP at $1.0925 from $1.0879 on FridayPound/dollar: UP at $1.2990 from $1.2935Dollar/yen: UP at 149.12 yen from 148.63 yenEuro/pound: DOWN at 84.07 pence from 84.10 penceBrent North Sea Crude: UP 0.7 percent at $71.07 per barrelWest Texas Intermediate: UP 0.6 percent at $67.58 per barrelburs-jmb/jgc

Hong Kong’s second-richest man Lee Shau-kee has died aged 97, the property tycoon’s firm Henderson Land Development announced Monday.Lee died peacefully on Monday evening in the company of his family, Henderson said in a press release.Known as “Uncle Four” because he had three elder siblings, Lee was one of the most influential players in Hong Kong’s post-war real estate boom and was also a shrewd stock market investor.He was listed as the second wealthiest man in Hong Kong with a net worth of $29.2 billion, according to a Forbes list published in February.During Lee’s tenure, Henderson cemented its place as one of the Chinese finance hub’s “big four” property developers, a dominant oligopoly that continues to shape life in the city.The seven Hong Kong-listed companies of his empire had a combined market value of $71 billion at the time of his death, the South China Morning Post reported.Lee retired late in life, only stepping down as chairman of Henderson in May 2019.His sons Peter and Martin Lee took over as joint chairmen and managing directors.Hong Kong’s original billionaires are held up locally as living symbols of the city’s economic rise and international clout, even as inequality remains rampant.Like his tycoon peers, Lee kept close ties to Beijing and in 2013 voiced opposition to a Hong Kong civil disobedience movement calling for greater democracy.- Key developer -Born in China’s Guangdong province, Lee helped out in his family’s gold and silver business as a child before moving to Hong Kong in 1948, when he was 20.He got his start in trading precious metals and currencies, but pivoted to real estate just as Hong Kong’s economy took off, with an influx of immigrants driving demand for housing and construction.In 1969, Lee and two partners — together nicknamed the “three musketeers” — founded Sun Hung Kai, which went on to become one of the top property developers in the then British colony.Lee recalled that period as a satisfying time in his life and said it was “truly a regret our partnership did not last long”, in a 2019 interview with Bloomberg News.Lee established his own real estate firm Henderson Land in 1976. Early successes included a 52-block private housing estate in Shatin, one of Hong Kong’s first satellite towns.The magnate’s business interests grew to encompass hotels, a natural gas provider, and the operator of Star Ferry — one of Hong Kong’s most recognisable icons.The International Financial Centre, a gleaming tower at the edge of Victoria Harbour, was co-developed by Lee’s firm.The Henderson — a Zaha Hadid Architects-designed skyscraper built on a $3 billion commercial land plot — opened last year at the heart of the Central business district.As for his investments, Lee’s personal stock portfolio was valued at more than $26 billion at its height, but the legend of “Hong Kong’s Warren Buffett” was dimmed somewhat following losses from the 2008 global financial crisis.In the 1990s and 2000s, it was sometimes a toss-up as to which property tycoon — Lee Shau-kee or Li Ka-shing — topped the list as the city’s wealthiest.Lee’s philanthropic efforts included high-profile donations to schools and universities in Hong Kong and China.City leader John Lee on Monday lauded the tycoon as an “outstanding business leader and entrepreneur who had made significant contributions to Hong Kong’s economic development, as well as the city’s prosperity and stability”.Lee, who divorced in 1985 and never remarried, is survived by two sons and three daughters.

Hong Kong’s second-richest man Lee Shau-kee has died aged 97, the property tycoon’s firm Henderson Land Development announced Monday. Lee died peacefully on Monday evening in the company of his family, Henderson said in a press release.Known as “Uncle Four” as he had three elder siblings, Lee was one of the most influential players in Hong Kong’s post-war real estate boom and was also a shrewd stock market investor.He was listed as the second wealthiest man in Hong Kong with a net worth of $29.2 billion, according to a Forbes list published in February.Like other Hong Kong tycoons, Lee retired late in life, only stepping down as chairman of Henderson in May 2019.His sons Peter and Martin Lee took over as joint chairmen and managing directors.Born in China’s Guangdong province, Lee helped out in his family’s gold and silver business as a child before moving to Hong Kong in 1948.In 1969, he co-founded Sun Hung Kai, which became one of the top property developers in the then British colony.Lee established his own real estate firm Henderson in 1976, and his business interests grew to encompass hotels, public utilities, and the operator of Star Ferry — one of Hong Kong’s most recognisable icons.The Henderson, a skyscraper designed by Zaha Hadid Architects located in Hong Kong’s finance district, opened last year.Hong Kong leader John Lee on Monday lauded the tycoon as an “outstanding business leader and entrepreneur who had made significant contributions to Hong Kong’s economic development, as well as the city’s prosperity and stability”.Details of his funeral will be announced later, according to the company.