Li Ka-shing continues to be the richest person in Hong Kong in 2011, followed by Lee Shau Kee and the Kwok family, according to the new 2012 Forbes Hong Kong Rich List unveiled Friday.
The total wealth of Hong Kong's 40 richest declined this year by 7 percent to $151 billion. The group that suffered the most: real estate developers. Li Ka-shing, who remains in his perch at the top of the list, declined 8 percent to $22 billion. The Kwok family fell from second to third place as its wealth dropped by almost a quarter to $15 billion. They were replaced at the No. 2 spot by Lee Shau Kee, the chairman of Henderson Land, whose wealth was projected at $17 billion.
The biggest gainer this year was Cheng Yu-tung, whose wealth climbed to $15 billion from $9 billion last year following the successful IPO last month by his Chow Tai Fook Jewelry chain. Another gainer from last year's list was Francis Choi, whose diversified interests now extend into watch.
The minimum needed to make this year's list fell to $950 million, down from $1 billion in 2011. Overall, 24 fortunes declined, three were unchanged, six were up, six were new and one, hotelier C.F. Chan, returned to the list.
Unlike its billionaire rankings, Forbes Hong Kong list includes fortunes that are shared among extended families. For that reason Forbes has combined the wealth of Li and Fung siblings William and Victor Fung this year. The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges and analysts. Stock prices and exchange rates were locked in on Dec. 17. Private companies were valued based on comparisons with prevailing earnings or other financial ratios.
C.F. Chan 陈泽富
C.F. Chan [tsinfo.com.cn]
Source of Wealth: Hotels
Marital Status: Married, 3 Sons
Hotelier and his family runs hotel chain empire that extends from Asia to U.S., most notably including the Park Lane Hotel in Hong Kong. Reportedly expanding in the city of Taishan.