Li sets aside funds for son's acquisitions
Source: Bloomberg News |
May 26, 2012, Saturday
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Print Edition
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LI Ka-shing, Hong Kong's richest man, said he will offer financial support to allow his younger son Richard Li to build businesses outside of the family's Cheung Kong Group of companies.
Richard Li is in talks with "several sizeable enterprises" for possible acquisitions, the 83-year-old billionaire told reporters in Hong Kong yesterday, without identifying the targets. Li Ka-shing said he has set aside funding for Richard Li that is "multiple times" the son's current assets.
Li Ka-shing has been nicknamed "Superman" by the local media after expanding Cheung Kong Group in industries including property, ports and energy in more than 50 countries and regions. Richard Li acquired a fund management firm from American International Group in 2010 and has pursued an independent business career since quitting as a director at his father's Hutchison Whampoa in 2000.
Richard Li's target companies are in "traditional, long-term" industries, said Li Ka-shing, chairman of Cheung Kong (Holdings) Ltd and Hutchison.
"I will fully support him," the elder Li said after the shareholders meetings of Cheung Kong and Hutchison yesterday.
Elder son Victor Li will be running Cheung Kong (Holdings) and Hutchison in the future, Li Ka-shing said, adding he has no immediate plans to retire.
Richard Li is in talks with "several sizeable enterprises" for possible acquisitions, the 83-year-old billionaire told reporters in Hong Kong yesterday, without identifying the targets. Li Ka-shing said he has set aside funding for Richard Li that is "multiple times" the son's current assets.
Li Ka-shing has been nicknamed "Superman" by the local media after expanding Cheung Kong Group in industries including property, ports and energy in more than 50 countries and regions. Richard Li acquired a fund management firm from American International Group in 2010 and has pursued an independent business career since quitting as a director at his father's Hutchison Whampoa in 2000.
Richard Li's target companies are in "traditional, long-term" industries, said Li Ka-shing, chairman of Cheung Kong (Holdings) Ltd and Hutchison.
"I will fully support him," the elder Li said after the shareholders meetings of Cheung Kong and Hutchison yesterday.
Elder son Victor Li will be running Cheung Kong (Holdings) and Hutchison in the future, Li Ka-shing said, adding he has no immediate plans to retire.
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