Hong Kong billionaire Li Jiacheng has lost his position as the richest person in Hong Kong after 21 years of leading another real estate tycoon, Nikkei cited the results of a ranking just announced last weekend.
According to Forbes' 2020 list, the assets of Ly Trieu Co - founder of Henderson Land Development increased by 1% in the year to 30.4 billion USD.
Thanks to that, the 92-year-old businessman has surpassed billionaire Ly Gia Thanh when his assets of the 91-year-old billionaire decreased by 7% to 29.4 billion USD, according to Forbes.
Often called "Uncle Tu" because he is the 4th child in the family, billionaire Ly Trieu Co has built a corporation focusing on real estate, expanding hotel, ferry services, gas distribution and other business activities. He is often compared to American billionaire Warren Buffett for his sharp investment style.
Billionaire Li Zhao Co's asset value has increased, according to Nikkei, despite fluctuations in the US-China trade war and the situation in Hong Kong in the past year, which affected spending and tourism in Hong Kong.
Meanwhile, founder of CK Hutchison Holdings Ly Gia Thanh appears to be affected by the stock price reduction.
Ranked third in Forbes' 2020 list of Hong Kong billionaires is Henry Cheng - head of New World Development real estate group and Chow Tai Fook jewelry group. The 73-year-old businessman's assets, including his family's assets, amount to 20.7 billion USD.
Hong Kong billionaire Liu Loan Hung ( Joseph Lau), 68 years old of China Estates Holdings, ranked 4th with assets worth 16.9 billion USD.
According to Forbes, 22 of the 50 richest people in Hong Kong had their assets reduced compared to a year ago, but their total assets increased by 7%.
The real estate billionaire that makes up the majority of the top 10 and the only businessman in the top related to e-commerce is Joseph Tsai, co-founder of Alibaba Group, ranked 9th with 11.5 billion USD.
