Hong Kong’s Tycoons Are Passing Massive Wealth to Their Heirs
In an interview with Bloomberg News, Prof. Kevin Au commented on Li Ka-shing’s retirement and the heirs of those Hong Kong tycoons, saying that “compared to their fathers [who build up their empires], they’re always being looked down upon by public and by business partner.”
The retirement of Hong Kong billionaire Li Ka-shing marks another milestone in a vast wealth transfer now underway from a scrappy generation of Chinese empire builders to their heirs.
Li, Hong Kong’s richest man, announced on 16 March 2018 that he will step down as chairman of CK Hutchison Holdings Ltd. and CK Asset Holdings Ltd., making way for his eldest son, Victor Li.
While Li Ka-shing was dubbed “Superman” in the local media for his magic touch and has been lionised over the decades, his son may be judged harshly if he doesn’t live up to public expectations.
“The second generation always has a lot of pressure,” said Kevin Au, Associate Professor of Department of Management; Director of Centre for Family Business; and Associate Director of Centre for Entrepreneurship at The Chinese University of Hong Kong Business School, in an interview with Bloomberg News.
“Compared to their fathers, they’re always being looked down upon by public and by business partners,” added Prof. Au. “Their fathers are heroes.”… Read More (PDF)
The Bloomberg News story was widely reprinted by media publications around the world including The Malaysian Reserve (PDF) from Malaysia; Sindo News (PDF) from Indonesia and Báo Mới (PDF) from Vietnam.
Source: Bloomberg News
Date published: 19 March, 2018
Photo: Anthony Kwan/Bloomberg