Li Zhaoji officially retired, four major real estate developers completed their succession

Henderson Land (012) announced last night that after the end of the annual general meeting, the founder of the group, Lee Shau Kee, will resign as the chairman and general manager of the company, as well as a member of the nomination committee and the remuneration committee. Position, but continue to serve as executive director of the company. Li Zhaoji said that due to the high age, he decided to retire.

The 91-year-old “Four Uncle” Li Zhaoji officially retired as chairman and general manager, and handed over the market value of nearly 550 billion yuan to the two kings Li Jiajie and Li Jiacheng. After the approval of the special resolutions at the annual general meeting, the eldest son, Li Jiajie and the second son, Li Jiacheng, will be appointed as the co-chairs and general managers of the company (respectively and individually referred to as the “Chairman and General Manager”), as well as the Nomination Committee and the Remuneration Committee. member.

As early as March 20 this year, Si Shu disclosed his retirement plan and officially implemented the stick until yesterday, which means that after the new land (016), New World Development (017) and Changshi (1113), the same will be completed by the founder. The kingdom handed over to the second generation to take over.

Son took over the business for many years

In fact, Hengji successors Li Jiajie and Li Jiacheng have taken over the business of the group for many years. As early as June 2015, Li Zhaoji retired as Chairman of Hengfa, and Li Jiacheng took over as Chairman and General Manager of Hengfa. The outside world understood this as the beginning of the Henderson Foundation’s “Generation.” Si Shu has revealed that the division of labor within the family, Hong Kong business is mainly responsible for Li Jiacheng, and the mainland business is handled by Li Jiajie.

Born in Shunde, Guangdong Province, Si Shu was working in his father’s gold shop since he was 6 years old. He came to Hong Kong only when he was 20 years old in 1948. In 1975, he founded Henderson Land Company for 150 million yuan. In 1981, Henderson Land raised 1 billion yuan. , became a listed company Hengdi. In 1988, Hengfa was established through acquisition. In addition, Henderson listed companies include China Gas (003), Hong Kong and China Gas (1083), Hong Kong Ferry (050) and Miramar Hotel (071). According to Forbes 2019 Hong Kong Rich List, Lee Shau Kee ranked second in the Hong Kong Rich List with a net worth of $30 billion (about HK$234 billion).

Preference for farmland and old buildings

He founded Hengdi in one hand. For more than half a century, Si Shu has always been optimistic about the real estate industry. In 1965, there was a bank squeeze and bankruptcy in Hong Kong. Property prices plunged. At this time, Li Zhaoji lowered the absorption and increased the land reserve. After several years, the property price rebounded and the company achieved considerable returns. In 1972, the Hang Seng Index went to the 1700 points all the way, but in the following year, the bubble burst and burst into nearly 400 points. The four uncles took the opportunity to buy a large amount of land and old buildings at low prices, enriching the land reserve for the establishment of Henderson Land and 1981 The listing of the land has established a rich foundation.

Henderson has gradually become one of the major developers in Hong Kong. Lee Shau-kee has a special liking for the purchase of agricultural land. He believes that when the price of commercial residential land in the city is at a high level, the agricultural land in the New Territories is low in cost and high in profits. Today, Hengdi is the real estate developer with the largest amount of farmland and land reserves in Hong Kong. As of the end of last year, it held about 45.6 million square feet of land in the New Territories.

Another gesture of Henderson Land is the redevelopment of old buildings. In 2008, a financial tsunami occurred. Li Zhaoji had a unique vision. In the second half of 2009, he invested 25 billion yuan to purchase more than 40 old buildings in the urban center, which could develop 12,000. A residential building involving 8 million square feet of floor space. Based on today’s calculations of more than 20,000 yuan per square foot, if the four uncles have been holding the goods so far, this is already more than 160 billion yuan in sales. If the cost of housing construction is not calculated, the return will exceed 6 times.