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Li Ka-shing named Hong Kong's richest again

(People's Daily Online)

11:10, January 11, 2013

Li Ka-shing

The U.S. financial magazine Forbes announced the latest Hong Kong rich list on January 10, naming Hutchison Whampoa Chairman Li Ka-shing wealthiest person in Hong Kong with $ 30 billion.

Hong Kong stocks real estate section rose as high as 38 percent last year, as a result of the rapid accumulation of wealth from property. The richest four tycoons are all Hong Kong property developers: Li Ka-shing, who's been on top of the list for years, increased wealth up to $ 8 billion, an increase of more than 36 percent.

Li Ka-shing announced succession plans last summer. He positioned elder son Victor to take over management and control of publicly traded assets via Cheung Kong, Hutchison Whampoa and Husky Energy. Son Richard, who ranks No. 28 among Hong Kong's richest and runs his own businesses, will get cash and help on deals. Li-controlled companies bought British gas supplier Wales & West Utilities for $1 billion in October and now supply gas to a quarter of all Brits. His private tech investment company, an early investor in Facebook and Spotify, recently bet $1.5 million on social TV platform Stevie. Li himself has no plans to retire just yet, Forbes reported.

Edited and translated by Huang Beibei, People's Daily Online

Read the Chinese version: 李嘉诚蝉联《福布斯》香港首富
Source: Xinhua

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