By Ryan Swift From SCMP

For the first time in nearly a generation, Li Ka-shing is not the richest man in Hong Kong, according to the newly released list of Hong Kong’s richest tycoons by Forbes Asia. Li’s wealth dropped to US$29.4 billion in 2020 from US$32 billion in 2019, putting him at No. 2.

Henderson Land Development’s Lee Shau-kee has been crowned the city’s richest man after his wealth rose 3 per cent to US$30.4 billion, pipping Li, the founder of conglomerate Cheung Kong Holdings, by US$1 billion.Li has been Hong Kong’s richest man for decades. But over the past year, the share price of CK Assets, the property arm of his business empire, fell from a high of HK$72 per share to HK$50 per share. Shares in CK Hutchison Holdings have fallen from a high of HK$86 per share to HK$69 per share. In May 2018, Li’s eldest son Victor took over as chairman of both companies.Meanwhile, this is Lee’s first time at the top of the list since Forbes Asia started compiling it. In May 2019, he stepped down from his role as chairman of Henderson Land, dividing responsibilities at the property giant between his two sons, Peter Lee Ka-kit and Martin Lee Ka-shing. Shares in Henderson Land have fallen in the past year from a high of HK$46 per share to HK$36 per share. Lee was last ranked as Hong Kong’s richest man in 1998, by Forbes as part of its global rankings.

In the 2013 book Walking the Tycoons’ Rope, Robert Wang described the intense rivalry between Lee and Li, both of whom vie for the title of Hong Kong’s richest man.

“The difference between No. 1 and No. 2 is huge. The former gets all the attention. When prime ministers and politicians visit, they ask to see him. He also gets to see them when he travels overseas. He gets all the media attention,” Wang said.

The 2020 list reflects the turbulence of 2019, with Forbes Asia reporting that 24 tycoons saw their fortunes rise, and 22 saw their fortunes fall. Nonetheless, the fortunes of Hong Kong’s top 10 richest tycoons rose from US$161.4 billion in 2019 to US$172.8 billion in 2020.

Meanwhile, the fortunes of China’s top billionaires, often made in the technology industry, have surpassed the fortunes – rooted in Hong Kong property holdings – of their Hong Kong counterparts.

Yeung Kin-man and Lam Wai-ying, the husband and wife founders of Biel Crystal, which manufactures glass for smartphones, saw their fortunes rise 70 per cent to US$8 billion, after losing half their fortunes in 2019 during worries over the US-China trade war. Forbes Asia said Biel benefited from demand for 3D glass casings for 5G devices.

Of the 22 tycoons whose fortunes fell, 14 held real estate as the bulk of their assets, Forbes Asia said. Among them were Fong Yun Wah of Hip Shing Hong and Thomas Lau of Lifestyle International, which is known principally for its Sogo shopping centres.

This article appeared in the South China Morning Post print edition as: Change at the top with Lee Shau-kee now city’s richest.

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