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Lee Shau-Kee, Hong Kong Real Estate Tycoon, Dies at 97

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Lee Shau-Kee, Hong Kong Real Estate Tycoon, Dies at 97

Lee Shau-kee, a Hong Kong real estate tycoon who made his immense fortune building tens of thousands of apartments for middle-class descendants of refugees who had fled Communist mainland China, died on Monday. He was 97.

His death was announced by the company he founded, Henderson Land Development. It did not say where he died or cite a cause.

Well into his 70s, Mr. Lee became even wealthier through shrewd financial investments that prompted some to call him Hong Kong’s Warren Buffett. At his death, Forbes magazine estimated his worth at $29.2 billion, making him the 63rd wealthiest person in the world.

Mr. Lee founded Henderson Land Development in 1976. By the time he stepped down as its chairman and managing director in 2019 at age 91, the company had grown to 10,000 employees and spread beyond real estate development into hotels, department stores and natural gas distribution.

He started his career as a gold and currency dealer, reinvesting his profits in real estate. Most speculators and developers preferred higher-priced plots on the island of Hong Kong. But Mr. Lee was certain that the rising tide of hardworking, upwardly mobile refugees from the mainland and their descendants would send property prices soaring. He took a chance, buying up large chunks of cheap agricultural land in the New Territories bordering the mainland.

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His business strategy, he said, was based on trends indicating that wages were rising far faster than property prices, putting apartments within reach of hundreds of thousands of buyers and renters. In the 1970s and ’80s, Henderson Land Development erected the new town of Sha Tin, which became home to more than a half-million people.

“Young couples were choosing to live in their own homes instead of with their parents as they had done traditionally,” Mr. Lee told his official biographer, Leung Fung-yee.

Mr. Lee himself lived in one of the nondescript residential towers that his company built throughout Hong Kong and liked to spend his leisure time golfing with fellow magnates.

As his real estate business grew, Mr. Lee staffed his management with relatives, including his children and nieces and nephews. At least 10 of them held senior positions; two sons, Peter and Martin, became joint chairmen in 2019.

Mr. Lee channeled most of his philanthropy through the Lee Shau-Kee Foundation, funding buildings and scholarships at universities in Hong Kong, China and other countries. The foundation also financed vocational training for farmers and rural doctors in mainland China.

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Mr. Lee once considered making major investments abroad, he said, but decided in the end to stay on the island. “Elsewhere the taxes are too high,” he told Forbes in 1997, noting that in 1996, he collected $340 million in tax-free dividends, plowing most of this windfall back into his real estate ventures. “You couldn’t snowball your profits.”

Lee Shau-kee was born on Jan. 29, 1928, in Shunde, on the outskirts of Guangzhou, then known as Canton, in southern China, to Lee Gai-fu and Chan Luan-fung. His father, a well-to-do currency trader, sent him to Hong Kong in 1948 when Mao Zedong’s Communists were about to triumph over Chiang Kai-shek’s Nationalists in China’s civil war.

As a teenager, Mr. Lee became a gold trader, first with his father and then on his own. As an adult, he decided to move to Hong Kong and embark on real estate development. He co-founded Sun Hung Kai Properties with two other partners in 1963 and started Henderson Land Development on his own 13 years later.

Henderson became a publicly traded company in 1981, though a majority of its shares were owned by Lee family members.

Mr. Lee had occasional business fallouts with his relatives, most notably with his wife of 15 years, Lau Wai-kuen, whom he divorced in 1981. “I will not marry again because I’m afraid any woman would only see my money,” he told his biographer.

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His survivors include his two sons, three daughters and his sister, Fung Lee Woon King, an executive director at Henderson Land Development.

Toward the end of the 20th century, economic and political trends undermined the Hong Kong real estate market that had propelled Mr. Lee into the ranks of the world’s richest people. With China embracing capitalist reforms, foreign investors rushed to set up factories and offices on the mainland, and Shanghai challenged Hong Kong as Asia’s pre-eminent financial capital. And with the end of British colonial rule in Hong Kong and its return to Chinese sovereignty in 1997, the island-city lost some of its aura of a freewheeling business center. With fewer corporations setting up offices in Hong Kong, the local property market stagnated.

Mr. Lee’s critics predicted his empire’s decline, citing it as a cautionary tale about the perils facing a business that had outgrown its traditional, family-run organization.

“Lee Shau-kee is typical of the post-World War II generation of Chinese entrepreneurs in Asia,” the Far Eastern Economic Review said in a long profile of him in 2001. Despite building a profitable empire in the midst of turmoil, the magazine wrote, Mr. Lee “has had difficulties preparing it for a new generation and a new business environment.”

He proved such doomsayers wrong with profitable investments in financial stocks, derivatives and new ventures such as paper manufacturing. His touch was so sure that he tried to hide his investment plans from speculators trying to follow his every move.

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At the same time, Mr. Lee was growing increasingly impatient with his heirs. In 1998, he told Hong Kong journalists that after a decade of tutelage in the family business, his oldest son, Peter, was not ready to succeed him. “He gets only a passing grade now,” Mr. Lee said.

At the time, investors and financial analysts were even less impressed by another son, Martin, who had to overcome a youthful passion for sports cars and nightlife.

But they regained his confidence over the years, and took control of the company after Mr. Lee stepped down.

For their part, Mr. Lee’s sons professed loyalty to their father and urged him to retain leadership of the family business as long as possible. “I will be the first one to ask him not to retire,” Peter Lee told The South China Morning Post in 2001.

The sentiment was in keeping with Mr. Lee’s own strong sense of filial piety. In 1996, he built a four-story mausoleum, topped with a tower embedded with semiprecious stones, on an acre in his family’s ancestral village of Daliang, in the southern Pearl River Delta. He buried his parents there.

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Ash Wu contributed reporting.

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Nearly 60 gigawatts of U.S. clean power stalled, trade group finds

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Nearly 60 gigawatts of U.S. clean power stalled, trade group finds

A total of 59 gigawatts of U.S. clean energy projects are facing delays at a time when demand for power from AI data centers is surging, according to a trade group study.

Developers are seeing an average delay of 19 months over issues such as long interconnection times, supply constraints and regulatory barriers, the American Clean Power Assn. said in a quarterly market report.

The backlog is happening despite the growing need for power on grids that are being taxed by energy-hungry data centers and increased manufacturing. The Trump administration has implemented a slew of policies to slow the build-out of solar and wind projects, including delaying approvals on federal lands.

The potential energy generation facing delays is the equivalent of 59 traditional nuclear reactors, enough to power more than 44 million homes simultaneously.

“Current policy instability is beginning to impact investor confidence and negatively impact project timelines at a time when demand is surging,” American Clean Power Chief Policy Officer JC Sandberg said in a statement.

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Despite the hurdles, developers were able to bring more than 50 gigawatts of wind, solar and batteries online in 2025, accounting for more than 90% of all new power capacity in the U.S., the report found. Clean power purchase agreements declined 36% in 2025 compared with 2024, signaling that the build-out of clean power in the U.S. could be lower in the 2028 to 2030 time period, according to the report.

Chediak writes for Bloomberg.

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Feud between Vegas gambler and Paramount exec sparks $150-million fraud lawsuit

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Feud between Vegas gambler and Paramount exec sparks 0-million fraud lawsuit

The high-stakes feud between Paramount Skydance President Jeff Shell and Las Vegas gambler and self-professed “fixer” Robert James “R.J.” Cipriani spilled into court on Monday.

Cipriani filed a lawsuit against Shell on claims of fraud and eight other counts, alleging that he reneged on an oral agreement to develop an English-language version of a Spanish music show that streams on Roku TV.

He is seeking $150 million in damages.

In the 67-page lawsuit, filed in Los Angeles County Superior Court, Cipriani claims that in exchange for providing “sophisticated, high-value crisis communications services, entirely without compensation” over 18 months, Shell had agreed to develop the show “Serenata De Las Estrellas,” (Star Serenade), but failed to do so. Cipriani and his wife were to be named as co-executive producers.

“This case arises from the oldest form of fraud: a powerful man took everything a less powerful man had to offer, promised to repay him, lied to him when he asked about it, and then refused to compensate him at all,” states the complaint.

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Cipriani — who has producer credits on a 2020 documentary about Vegas, “Money Machine: Behind the Lies,” and the 2015 movie “Wild Card” — intended to make “Serenata” as a “lasting legacy for his mother,” Regina, saying the effort “has been the driving force and the most important thing consuming [Cipriani’s] entire life of almost sixty-five years,” according to the suit.

The show was inspired by a song that the Philadelphia-born Cipriani used to sing to his late mother when he was growing up.

The litigation is the latest twist in a simmering behind-the-scenes scandal that has left much of Hollywood slack-jawed.

For weeks, Cipriani had threatened to file a lawsuit against Shell, with the potential to derail his comeback at Paramount, three years after he lost his job as NBCUniversal’s chief executive over an inappropriate relationship with an underling.

Cipriani’s suit alleges Shell wasdesperate for help in quelling negative stories about him.

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It also portrays him as someone who was indiscreet, allegedly sharing sensitive information during the period when the Ellison family, through Skydance Media, was preparing to close its deal to acquire Paramount and then was actively pursuing Warner Bros. Discovery to add to its growing entertainment and media empire.

The eventual rift between the unlikely pair began in August 2024. Patty Glaser, the high-powered entertainment litigator, convened a meeting between the two men.

During the meeting with Shell, the executive expressed to Cipriani his concern that emails and texts between him and Hadley Gamble, the CNBC anchor Shell had been involved with, would come out, saying “that would absolutely destroy me,” according to the suit.

Cipriani claims in his lawsuit Shell was facing “catastrophic personal exposure arising from his conduct toward yet another woman in the media industry,” similar to what had prompted his ouster from NBCUniversal and that he “solicited” his “crisis communications services.”

According to the suit, Cipriani was in a position to help him, having engaged in a “longstanding practice of exposing misconduct in the entertainment and media industries.”

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Robert James “R.J.” Cipriani in Amazon Prime Video’s 2025 series “Cocaine Quarterback.”

(Courtesy of Prime)

A high-rolling blackjack player, Cipriani’s colorful résumé includes aiding the FBI in the arrest and conviction of USC athlete-turned global drug kingpin Owen Hanson, who was sentenced to 21 years in federal prison, and filing a RICO suit against Resorts World Las Vegas.

Leveraging his “unique media relationships and industry influence,” Cipriani said in his complaint that he provided Shell with “ongoing threat-monitoring and intelligence services,” and “took proactive steps to suppress, redirect, or neutralize” negative coverage against Shell before publication.

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Cipriani said Shell expressed “effusive gratitude” to him after he planted a story about another entertainment industry figure “in order to divert media attention” away from Shell. “Thank you thank you thank you,” Shell wrote in a text to Cipriani, according to the lawsuit, which included a copy of the text.

During tense negotiations over Paramount’s streaming rights for the highly successful “South Park” franchise last summer, Shell allegedly asked to talk to Cipriani about the matter. Cipriani then “orchestrat[ed] the placement of a highly favorable news article,” that was “devastating to Shell’s and Paramount’s adversaries in the dispute,” the suit states.

After a story published in a Hollywood trade, Cipriani wrote to Shell on WhatsApp, “I’m the one that put the article out for you!!!” and “I didn’t want to tell you till it hit so you have plausible deniability.”

According to a message cited in the lawsuit, Shell responded, “I love you!!!! …Thank you Rj,” adding “I owe you dinner at least!”

Despite those boasts, Paramount ultimately paid “South Park” creators millions more than Skydance had intended. To remove obstacles from Skydance’s path to buy Paramount, the media company agreed to two blockbuster deals that include paying the “South Park” production company more than $1.25 billion to continue the cartoon — making it one of the richest deals in television history.

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During the course of their relationship, Cipriani further alleges that Shell alerted him to a then-pending $7.7-billion Paramount deal for the rights to UFC fights, while Netflix “believed” it had a “handshake deal” for the same rights, according to the suit.

Cipriani disclosed in his lawsuit that he filed a whistleblower complaint with the Securities and Exchange Commission over the disclosure of material information, claiming that Shell told him that not even UFC President Dana White knew of the transaction. In a WhatsApp message cited in the lawsuit, Shell told Cipriani that the deal was “very hush, hush until we sign.”

While the gambler continued to provide his services to Shell gratis, their relationship began to sour.

Cipriani became enraged that Shell did not uphold his end of the alleged deal to help him with the TV show, viewing it as a slap to him and his mother.

In February, the pair met to resolve their growing dispute. According to the lawsuit, also in attendance was an unidentified entertainment attorney who had represented both men in separate matters.

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Patty Glaser has been widely reported as having represented Shell and Cipriani. She introduced them in summer 2024, as The Times reported Saturday.

“We were presented with a draft complaint riddled with clear errors of fact and law,” Glaser said in a statement last week. “We will strongly respond.”

The February meeting did not go well.

Shell not only “refused to compensate” Cipriani, but also told him that he could not “assist” him “in obtaining a television show or other entertainment industry opportunity.”

Cipriani further alleged in his lawsuit that during their “failed summit,” Shell revealed his “disdain” for David Zaslav, the Warner Bros. Discovery CEO, and disclosed that Paramount intended to “sweeten” its pending hostile offer for the studio to fend off Netflix prior to announcing its intention to do so publicly.

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After the meeting, Cipriani stated in his complaint that Shell’s attorney privately offered Cipriani a “$150,000 personal loan” to resolve the dispute.

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With a big $46-million opening for ‘Hoppers,’ Disney and Pixar see a return to form

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With a big -million opening for ‘Hoppers,’ Disney and Pixar see a return to form

Walt Disney Co. and Pixar’s “Hoppers” took the box office crown this weekend in an encouraging sign for the company’s original animated films.

The film generated $46 million in ticket sales in the U.S. and Canada, marking the highest domestic opening for an original animated movie since 2017’s “Coco,” according to studio estimates. The global box office total for “Hoppers” was $88 million.

The zany movie features a young environmental advocate who “hops” her consciousness into a robotic beaver and bands together with other woodland creatures to stop a planned freeway expansion through a glade.

The film is directed by Daniel Chong, who created the Cartoon Network animated series “We Bare Bears.”

The muscular debut for “Hoppers,” as well as the strong performance from Sony Pictures Animation’s “Goat” last month, has been a positive sign for audience interest in original animated films.

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Since the pandemic, theatrical returns for animated sequels have far surpassed that of original films. Disney’s “Zootopia 2,” for instance, has grossed more than $1.8 billion in global box office revenue, with more than $426 million domestically. Disney and Pixar’s 2024 hit “Inside Out 2” also crossed more than $1.6 billion globally.

By contrast, Disney and Pixar’s 2025 original film “Elio” brought in about $154 million in worldwide box office revenue.

Original films are vital to Pixar’s future, as the Emeryville, Calif.-based studio built its reputation on its string of nearly uninterrupted original blockbuster hits, including 1995’s “Toy Story” and 2004’s “The Incredibles.”

Paramount Pictures and Spyglass Media Group’s “Scream 7” came in second at the box office with $17.3 million in its second weekend in theaters. Warner Bros. Pictures’ “The Bride!,” Sony’s “Goat” and Warner Bros.’ “Wuthering Heights” rounded out the top five at the box office, according to data from Comscore.

With several strong releases, as well as popular holdover films from 2025 that continue to bring in revenue, the first few months at the box office have been a notable improvement over last year’s dismal first quarter.

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Domestic box office revenue so far is up more than 12% compared with the same time period in 2025, according to Comscore.

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