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Hong Kong tycoons' wealth surges on property: Forbes

Published on Jan 10, 2013 1:48 PM
 
Hutchison Whampoa chairman Li Ka-shing attends the wedding ceremony of retired four-time Olympic diving champion Guo Jingjing and Kenneth Fok Kai-kong.  The 84-year-old Li, nicknamed "Superman" for his business prowess, added a whopping US$8 billion (S$9.8 billion) to his wealth last year, and was now estimated to be worth US$30 billion, Forbes said as it announced Hong Kong's top 50 rich list.

HONG KONG (AFP) - Tycoon Li Ka-shing has retained the top spot as Hong Kong's richest man, Forbes magazine said, as the city's red-hot property market boosted wealth among the super-rich despite a global slowdown.

The 84-year-old Li, nicknamed "Superman" for his business prowess, added a whopping US$8 billion (S$9.8 billion) to his wealth last year, and was now estimated to be worth US$30 billion, Forbes said as it announced Hong Kong's top 50 rich list.

Mr Li, who started out in business as a plastic flower maker, now commands a vast empire through his flagship Cheung Kong Holdings, with global assets in property, telecoms, utilities, ports and retail.

One in every seven residences in Hong Kong, a southern Chinese city of seven million, was built by Mr Li's firms, which also handle 70 per cent of the former British colony's port traffic.

 
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