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- Forbes: Li Ka-shing again Asia's richest tycoon
Date: 22-Jan-2007 Sources: (Xinhua Online)
Asia's richest tycoons are profiting mightily from Chinese mainland's economic rise, with Hong Kong real estate and ports magnate Li Ka-shing once again in the lead, Forbes magazine said yesterday.
Li was among many billionaires who reaped big profits from the Chinese mainland market, as his fortune rose to an estimated US$22 billion from US$18.8 billion a year before, the magazine said in announcing its annual list of the wealthiest in Hong Kong and Taiwan.
Li, 78, has long been at or near the top of various rich lists compiled by financial magazines and researchers. His empire includes the Hutchison Whampoa and Cheung Kong conglomerates.
China's economy has been growing at rates of more than 10 percent for several years running. Most of the tycoons in Asia have extensive business interests in the mainland, further benefiting from soaring real estate and stock prices. The Shanghai Composite Index more than doubled in value last year, with Hong Kong's key index climbing 43 percent and Taiwan's 20 percent.
Forbes compiles a separate list for mainland tycoons. The most recent version of that list was topped by Wong Kwong-yu, a 37-year-old appliance retailer whose wealth totaled US$2.3 billion.
Hong Kong and Taiwan businesses are getting richer through investments, operating businesses or simply 'feeling the halo effect from proximity to the mainland,' Forbes said in a press release.
Several of the tycoons topping the list added billions in wealth through share listings. That included Hong Kong's Lee Shau Kee, No. 2 with wealth estimated at US$16.5 billion.
Lee's windfall
Lee, founder of property firm Henderson Land, received a windfall from his investment in a Hong Kong initial public offering by Nine Dragons Paper Co, a mainland-based container board and recycling company headed by Zhang Yin, the mainland's wealthiest businesswoman.
Zhang was No. 5 on Forbes' mainland list, with US$1.5 billion in assets.
Forbes said the combined net worth of the 40 richest Hong Kong and Taiwan citizens rose by US$28 billion from a year earlier to US$154 billion. Twenty-eight added to their fortunes, with only four from last year's list losing wealth, Forbes said.
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