HK tycoon Li to retire from property empire

Hong Kong billionaire Li Ka-shing announced his retirement on Friday at age 89, officially passing the infrastructure and property empire he built in the past 70 years to his eldest son, Victor Li Tzar-kuoi, as of May 10.

Both CK Hutchison Holdings and CK Asset Holdings filed their statements with the Hong Kong Stock Exchange on Friday, saying that their chairman, Li Ka-shing, will retire from his position as chairman and executive director and member of the remuneration committee.

The boards of the two companies have requested that Li serve as senior adviser, and he will continue to contribute on significant matters.