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Hong Kong property tycoon Lee officially passes baton to sons

Successors to Henderson Land founder bullish on property market

HONG KONG -- Lee Shau-kee, Hong Kong's second-richest man, has officially brought the curtain down on a career that spanned over seven decades and created one Asia's largest property conglomerates.

Henderson Land Development, the crown jewel of Lee’s business empire, said in a stock exchange filing that the 91-year-old will step down from his position as chairman and managing director of the group, effective May 28, due to "advanced age." However, Lee will retain his role as executive director on Henderson's board.

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