Li Ka-shing shifts assets to elder son
Source: Bloomberg News |
July 21, 2012, Saturday
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Print Edition
Print Edition
LI Ka-shing, Hong Kong's richest man, has transferred a one-third stake in a family trust from son Richard to elder son Victor, moving to consolidate succession planning for an empire worth more than HK$850 billion (US$110 billion).
Victor Li's holdings in the trust, which controls Hong Kong-listed Cheung Kong Holdings Ltd and Hutchison Whampoa Ltd, will be about HK$290 billion, Winnie Cheong, a spokeswoman for Cheung Kong, Li Ka-shing's flagship developer, said yesterday.
Victor Li will run Cheung Kong and Hutchison in the future, Li Ka-shing said in May.
Victor Li's holdings in the trust, which controls Hong Kong-listed Cheung Kong Holdings Ltd and Hutchison Whampoa Ltd, will be about HK$290 billion, Winnie Cheong, a spokeswoman for Cheung Kong, Li Ka-shing's flagship developer, said yesterday.
Victor Li will run Cheung Kong and Hutchison in the future, Li Ka-shing said in May.
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