- At the age of 94, a Chinese man has emerged as the world's richest real estate merchant, worth $30 billion
- Li Ka-Shing made his fortune after venturing into real estate during the Chinese Cultural revolution
- He was a teenage apprentice and later founded a company producing plastic flowers, from where he entered into the real estate business
Li Ka-Shing is the world’s richest real estate merchant, a Chinese real estate mogul.
His $30 billion net worth earned him a place as the 41st wealthiest man on earth, equivalent to 17.6 million troy ounces of gold or 314 million barrels of crude oil.
His conglomerate, Hutchison Holdings Limited, saw its profit jump by 4.3 per cent in the first half of 2022 due to its global activities.
Source of wealth
Bloomberg said his other company, CK Group, achieved a net income of $2.43 billion for the first half of 2022, ending in June.
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The earnings increased by 8.1 per cent to HK229.6 billion. The earnings surged in comparison to the one the year before, and it increased its interim dividend to HK0.44 per share.
According to Nairametrics, most of the real estate mogul’s wealth is mainly from shares of publicly traded businesses such as Zoom Video Communications, CK Hutchison Holdings Cenovus Energy and a real estate development company CK Asset.
Wealth and portfolio
The 94-year-old owns 30 per cent shares in CK Hutchison with various assets, including ports, infrastructure and mobile phone networks.
Documents filed at the HK Stock exchange. The shares are owned via several holding firms and trusts registered in Hong Kong, the British Islands, the Cayman Islands and Panama.
Li worked as an apprentice at 14 when his family escaped to Hong Kong during the Japanese invasion.
He established a company that made plastic flowers and later entered the real estate business.
The 94-year-old bought real estate at lower costs when the Chinese Cultural revolution happened in 1967 and bought another after the crackdown at Tiananmen Square.
Li’s firm, Cheung Kong, built one in seven private homes in Hong Kong.
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