From Allies to Adversaries: The Rivalry Between Hong Kong’s Two Titans, Li Ka-shing and Lee Shau-kee

Hong Kong's two wealthiest billionaires, Li Ka Shing and Lee Shau Kee, both born in Guangdong in 1928, have maintained a complex relationship marked by deep business collaborations and intense rivalry for decades.

Both individuals gained recognition through the flourishing real estate industry of Hong Kong. They had initial business collaborations which featured a shared high-end residential development in Hong Kong’s Mid-Levels area known as The Ka Siu Terrace. This project was christened by merging characters from each man's name, as reported. Sohu.

As their wealth expanded, so did the rivalry between them. In 1993, Li tried to take over the Miramar Group, a prominent Hong Kong hotel and real estate enterprise. Nevertheless, the Yeung family, which held control of the firm, turned down his proposals for changes and decided to sell their shares to Lee, an old acquaintance of Yeung Chi Wan.

The move reportedly ended Li’s acquisition hopes and marked a shift in their relationship. Between 1996 and 1997, Lee’s Henderson Land Development experienced a significant increase in market valuation, which amplified his net worth and led to him being crowned Asia’s wealthiest individual for two successive years.

Hong Kong's second wealthiest tycoon, Lee Shau Kee, participated in a press briefing where he declared his retirement following the company's annual gathering in Hong Kong on May 28, 2019. The event was captured in an image by AP.

In 1996, Forbes listed him among the world’s four wealthiest individuals. But the 1997 Asian financial crisis severely impacted his holdings. Li, who had diversified into European markets, avoided the worst of the downturn and reclaimed the title of Hong Kong’s richest man in 1998 — a position he held for the next 21 years.

Back then, Lee frequently seemed to be in the shadow of Li. As mentioned in his work titled "Treading the Magnates' Wire," Hong Kong lawyer Robert Wang depicted their competitive relationship, stating: “There’s a significant gap between being at the top versus just below.”

"The former gets all the attention," he said. "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."

Lee reclaimed the top spot in 2020, with a net worth of US$30.4 billion, edging past Li by US$1 billion, South China Morning Post reported.

In 2018, billionaire Li Ka-shing announced his retirement in Hong Kong. The photo was taken by Reuters.

To add to the mystery, Lee called his younger son Martin Lee Ka Shing , a name strikingly similar to Li’s. The move prompted speculation of a subtle jab, though Lee later said he chose the name believing it would bring good fortune to his family.

Lee stepped down as chairman of Henderson Land in 2019, passing control to his sons Martin Lee Ka Shing and Peter Lee Ka Kit in what was described by South China Morning Post As a seamless and trouble-free transition.

Lee passed away at the age of 97 last Monday, as confirmed by his company Henderson Land Development in a press release, as per AFP .

As of February, Forbes ranked him as Hong Kong’s second-richest man, with a net worth of US$29.2 billion.

Li, often referred to as the "Warren Buffett of Asia," remains Hong Kong’s wealthiest individual, with Forbes estimating his fortune at US$38 billion. He retired in 2018 at age 89, handing the reins of CK Asset Holdings and CK Hutchison Holdings to his eldest son, Victor Li.