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Hong Kong's richest man Li Ka-shing to retire at age 89

Bloomberg Published on Fri, Mar 16, 2018 / 5:37 PM GMT+8

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(Mar 16): Li Ka-shing, a wartime refugee who used to sweep factory floors in Hong Kong for a living, retired after a career spanning more than half a century amassing one of Asia’s biggest fortunes from building skyscrapers to selling soap bars.

The 89-year-old chairman of CK Hutchison Holdings Ltd. and CK Asset Holdings Ltd. will stay an adviser to the group after stepping down in May. Elder son Victor, 53, will take over a conglomerate that touches the lives of practically everyone in Hong Kong -- the family’s Power Assets Holdings Ltd. generates their electricity and ParknShop supermarkets sell their groceries. The group also operates mobile-phone stores and Superdrug and Savers in the UK, owns ports around the world and a controlling stake in Husky Energy Inc. in Canada.

"Looking back all these years, it’s my honour to have founded Cheung Kong and to have served society," Li told a packed room of journalists in Hong Kong on Friday. It’s been "my greatest honour," he said.

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Hong Kong's richest man Li Ka-shing to retire at age 89