Peter and Martin Lee, the sons of Hong Kong’s former second-richest man, Lee Shau Kee, have inherited not only their father’s fortune but also his legacy in the business world. As co-chairmen of Henderson Land Development and utility firm Towngas, they continue to lead the family empire that once dominated Hong Kong’s economic landscape.
Forbes recently ranked the brothers and their family as the second-richest billionaires in Hong Kong, with a combined net worth of US$34.9 billion. This places them in the same position their father once held on the list. The transition of power occurred in 2019, when the brothers took over from their late father, who passed away in March 2025. They had already been managing key roles in the company years before his death, ensuring a smooth succession.
Over the past few years, the brothers have navigated through major challenges, including the global pandemic and an economic downturn. Despite these obstacles, they have continued to push forward with innovative projects that are reshaping the company’s future.
Peter Lee (L) and Martin Lee, co-chairmen of Henderson Land Development. Photo from the company’s website
One of their most significant ventures is the acquisition of a prime site along Victoria Harbour for $6.5 billion in 2020. This land is now being developed into Central Yards, a mixed-use megadevelopment that is expected to transform the company’s property portfolio. Martin shared his perspective on the investment, stating, “The property market has always had its ups and downs, so it’s hard to purchase at the absolute cheapest. So when you feel it’s the right move, and the property itself is a good one, you just go ahead.”
Meanwhile, under Peter’s leadership, Towngas has expanded its focus on renewable energy and waste-treatment solutions. He also founded Full Vision Capital in 2014, an investment firm that supports environmentally focused startups. Peter emphasized the strong foundation built by their father, saying, “In bad times, we are holding the best assets in the best locations.”
Despite these efforts, Henderson’s earnings remain under pressure due to weak property sales. However, the brothers remain optimistic about the future. Martin expressed confidence that their newer ventures will eventually rival their established businesses, saying, “Five years from now, with our commercial developments in Central completed and green energy projects gradually taking shape, I’m confident our prospects will look bright.”
Decades of training
Before entering the family business, Peter pursued a degree in computer science in the U.K., later launching an entertainment venture with friends. Martin studied in Canada before returning to Hong Kong. Both were already working at Henderson by the time their father began discussing succession plans. Peter joined the company in 1985, while Martin followed in 1993.
Their roles were defined early on based on their distinct personalities. Peter was tasked with overseeing operations in mainland China, while Martin managed the Hong Kong business. Their father described their strengths, noting, “Peter is flexible and Martin is practical.” He added that he had allowed his sons to run the business before eventually handing over control, remaining a director and offering guidance on major decisions.
Despite the careful planning, the handover did not occur as quickly as expected. By the late 1990s, their father reportedly grew frustrated with his heirs. In 1998, he criticized Peter’s performance, calling it a “passing grade,” while Martin faced doubts over his youthful interests in sports cars and nightlife. However, both eventually proved themselves, earning their father’s trust. In a memoir shared at a shareholder meeting in 2019, Lee expressed confidence in their leadership, stating, “I firmly believe that under their leadership, they will be able to lead the group to continue to reach new heights.”
As the brothers carry forward the family legacy, they emphasize that their father never prescribed a specific path for them. Instead, he encouraged them to chart their own course. Peter recalled, “If that path can contribute toward solving global warming, there will definitely be rewards.”
Contrasting lives
The differences between the siblings extend beyond their business approaches and into their personal lives. Peter is a devout Buddhist and remains single after his first relationship ended. Martin, on the other hand, has enjoyed a long marriage to actress Cathy Chui, spanning roughly two decades.
Their father initially approved of Peter’s relationship with a commoner but later reconsidered after consulting an astrologer, arranging for the girlfriend to study abroad and effectively ending their romance. Lee reportedly regretted this decision, which affected Peter’s later relationships. Peter later had three children through surrogacy in the U.S. in 2010 but never married. Lee was delighted by the birth of his grandsons.
Hong Kong’s propert magnate Lee Shau Kee (far R), his son Martin Lee (far L), and his daughter-in-law Cathy Chui. Photo from Chui’s Instagram
In contrast, Martin and Chui held a lavish wedding in Australia in 2006, costing HK$180 million (US$23.2 million). Their marriage has remained high-profile, with Chinese media often highlighting Chui’s close ties with her in-laws. Despite their contrasting personalities and lifestyles, the brothers maintain a strong partnership in business, often expressing excitement about the opportunities they have together.
“We wish we had more brothers to cover more markets,” Peter joked in a 2020 interview. “We are already working really hard.”
