When Lee Shau-kee’s two sons, Peter Lee Ka-kit and Martin Lee Ka-shing, took over the reins of a multibillion-dollar business empire in 2019, the event was remarkable for being uneventful.
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Before the elder Lee formally stepped down in May that year, Henderson Land Development, which directly or indirectly controls six listed units in Hong Kong, had announced months earlier the appointment of his two sons as joint chairmen and managing directors. This ensured the transition was less disruptive as the changes had been clearly telegraphed, giving the market enough time to digest the leadership reshuffle.
The elder Lee, who died on Monday at the age of 97, has left behind a group that he founded with a combined market value of HK$551 billion (US$71 billion).
“Family business successions are never easy, but we must remember that we are more likely to see [succession] failures in the news,” said Marleen Dieleman, who leads research at the IMD Business School in Singapore. “Uneventful and smooth successions are common too, but are less talked about.”
From the get-go, the demarcation between the brothers was clear. Lee announced that Peter, the older of the two, would be responsible for Henderson’s business in mainland China, while Martin would take care of the Hong Kong affairs.
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