Hurun research: 2 HK families named richest developers in the world

Founder and current senior advisor of Cheung Kong Holdings Li Ka-shing has topped the list of wealthiest real estate developers in the world in 2022, while founder of Henderson Land Development Lee Shau-kee and former chairman of Wheelock and Company Peter Woo ranked second and fourth.

In Shanghai-based Hurun Research Institute's Hurun Global Real Estate Rich List 2022, the asset of Li and his family reached HK$252.6 billion, followed by Lee's HK$209.5 billion and Chinese developer Country Garden Holdings major shareholder Yang Huiyan and her family (HK$203.3 billion).

Hong Kong housed a total of four developers in the top 10 list. In addition to Li and his family along with Lee, Wheelock and Company's Peter Woo ranked fourth (HK$141.7 billion) and former chairman of Chinese Estates Joseph Lau and his family (HK$111 billion).

The study also examined the place of residence of the developers. A total of 14 billionaires lived in Hong Kong, the highest number in the world, followed by Shenzhen (11), New York (9) and London (8). The research also unveiled that 71% of the entrepreneurs had built their business empire from scratch, while 29% of them inherited their fortune.

Hurun said the average wealth of real estate entrepreneurs increased by 5% in the past year. Among these entrepreneurs, China saw a decrease of 3% in the average wealth of real estate entrepreneurs, while the US recorded an increase of 10%.

Li once again became Hong Kong's richest man. According to the 2022 Forbes’ list of Hong Kong’s 50 richest, Li Ka-shing retained his top spot with US$36 billion. Resilience in Hong Kong’s residential market lifted shares of his property developer CK Asset Holdings by a third from a year ago, offsetting the decline in his holding in video conference provider Zoom. Real estate tycoon Lee Shau-kee, whose Henderson Land scooped up a prime commercial plot in the city for a record US $6.5 billion, saw his fortune increase by 12% to US$34.2 billion and remained at number two.

Holding on to the third spot since 2020 was Henry Cheng. His net worth, which he shares with his family, was up by US$4.3 billion to US$26.4 billion, as shares of his Chow Tai Fook Jewellery Group jumped 40% thanks to increased sales.

The Lee siblings (4th, US$18.9 billion), who inherited the oyster sauce empire of their late father Lee Man Tat, also joined the ranks for the first time.

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