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Li Ka Shing Wikipedia

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Li Ka Shing (李嘉誠 pinyin: Lǐ Jiāch?ng, Jyutping: Lei5 Gaa1-sing4), is the wealthiest person in Hong Kong and East Asia. He is also the richest person of China|Chinese descent in the world.

Li is considered to be one of the most powerful figures in Asia and was named "Asia's Most Powerful Man" by AsiaWeek in 2000. That same year, Forbes listed his personal wealth at US $11.3 billion, putting him ahead of Rupert Murdoch. On February 26, 2004, Forbes ranked him as 19th richest man in the world at US $12.4 billion. In spite of his wealth, Li is well known for his no-frills lifestyle, such as wearing cheap shoes and old watches. He also lacks a corporate jet and other luxurious amenities. He is also known as a generous philanthropist; in 1981, Li's donations resulted in the founding of Shantou University, near his hometown of Chaozhou. In the 2004 Indian Ocean Earthquake disaster, he pledged a total of US $3 million in aid for victims. It is also believed he has close ties with the People's Republic of China government and the senior officials, especially Jiang Zemin. However, it is commonly believed that these close ties originate not from common ideological or political interests but for business reasons.

Li Ka Shing was born in Chaozhou in the Guangdong Province, China in 1928. In 1940, the Li family fled to Hong Kong as the Sino-Japanese War (1937-1945)|Japanese invaded China. After getting his first job as a watch strap salesman, he became a wholesale salesman at age 17, and a general manager at age 19.

In 1949, he founded a plastics company in Hong Kong, and made a fortune selling plastic flowers. In 1958, he made his first move into real estate and by 1971, had created Cheung Kong Real Estate Company (長江地產有限公司), named after the Cheung Kong (Chang Jiang or Yangtze River) - the longest river in China. That company would eventually acquire Li's current flagship company, Hutchison Whampoa Limited, in 1979 and Hongkong Electric Holdings Limited in 1985, creating a massive conglomerate with business interests in multiple industries. Through controversial business deals, especially with the People's Liberation Army of China, Li's conglomerate became one of the largest in Hong Kong. Because of his incredible economic and political influence on Hong Kong, there is a common saying among residents there that translates to, "Hong Kong is the kingdom of Li Ka Shing".

His two sons Victor Li (李澤鉅) and Richard Li (李澤楷) are also major players in Hong Kong's business scene. Victor Li works directly with his father as managing director and deputy chairman of Cheung Kong (Holdings) Limited, while Richard Li is the head of Pacific Century Cyber Works, the largest telecoms company in Hong Kong.

In January 2005, Li announced plans to sell his CDN$1.2 billion stake in the Canadian Imperial Bank of Commerce, with all proceeds going to the Li Ka Shing Foundation in Hong Kong and the Toronto-based Li Ka Shing (Canada) Foundation. http://www.lksf.org/eng/media/press/20050113.shtml

Last Modified:   2005-04-13