The Straits Times
www.straitstimes.com
Published on Jan 10, 2013
 

Hong Kong tycoons' wealth surges on property: Forbes

 
 

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.