Business
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.
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.
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.
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.
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.
Ash Wu contributed reporting.
Business
U.S. Targets Iran’s Missile and Drone Program With Sanctions
The United States on Friday announced a flurry of new sanctions intended to increase pressure on Iran’s economy, targeting people and companies in China and Hong Kong that have been helping the Iranian military gain access to supplies and war equipment.
The sanctions came ahead of a major summit between President Trump and China’s leader, Xi Jinping, in Beijing next week. China’s support for Iran has become a flashpoint with the Trump administration, which has been trying to compel independent Chinese refineries to stop purchasing Iranian oil.
China is Iran’s biggest buyer of oil, and the Trump administration has said that it is sponsoring terrorism by propping up the Iranian economy.
The new sanctions are aimed at Iran’s military industrial supply chain, and are intended to make it harder for Iran to secure access to the material it needs to build drones and missiles. In addition to China, the sanctions also target people and companies based in Belarus and the United Arab Emirates.
“Under President Trump’s decisive leadership, we will continue to act to keep America safe and target foreign individuals and companies providing Iran’s military with weapons for use against U.S. forces,” Treasury Secretary Scott Bessent said in a statement.
The Trump administration has been looking for ways to squeeze Iran’s economy and pressure the Iranian government to reopen the Strait of Hormuz, a conduit for the flow of global oil. Oil tankers have had sporadic access to the critical waterway since the war started earlier this year, and the United States and Iran have been fighting over who should control it.
U.S. warships that have been trying to transit the strait have been attacked by Iranian forces. The United States on Friday fired on and disabled two Iranian-flagged oil tankers as they tried to reach an Iranian port.
The Treasury Department has also imposed sanctions on the Chinese “teapot” refineries this month. The independent refineries are major purchasers of Iranian oil. But China invoked a domestic policy ordering its companies to disregard the sanctions.
Mr. Bessent said earlier this week that he expected Mr. Trump to urge Mr. Xi to use the country’s leverage over Iran to pressure it to allow oil cargo to travel.
“Let’s see if China — let’s see them step up with some diplomacy and get the Iranians to open the strait,” Mr. Bessent told Fox News on Monday.
Business
General Motors to pay $12.5 million to settle claims that it illegally sold California driver data
General Motors has agreed to pay $12.5 million dollars to settle claims that the automaker illegally sold location and driving data of hundreds of thousands of Californians, state officials said Friday.
The settlement is an example of how automakers are facing more scrutiny over allegations that they share driver data with the insurance industry, influencing how much people pay for coverage. California, though, has a law that bars insurers from using driving data to set rates.
“If we get word that a company is illegally collecting, storing or selling consumer data, we won’t hesitate to look under the hood and hold them accountable to the law,” California Atty. Gen. Rob Bonta said in a news conference.
The settlement is the largest California Consumer Privacy Act penalty in the state’s history, Bonta said.
The act gives California consumers the right to request that businesses disclose what data they collect. They can also opt out of the sharing or sale of their personal information and request that businesses delete their data.
Investigators found that from 2020 to 2024, GM sold driver data, including names, contact information, location data and driving behavior data, to data brokers Verisk Analytics Inc. and LexisNexis Risk Solutions. The data came from a driver’s use of OnStar, which is owned by GM and provides roadside assistance, navigation and other services.
GM said the agreement addresses a product called OnStar Smart Driver that the company discontinued in 2024. The product was meant to help improve people’s driving but faced privacy concerns from consumers. In 2024, GM also ended its partnership with the two data brokers and said it would enhance privacy controls.
“Vehicle connectivity is central to a modern and safe driving experience, which is why we’re committed to being clear and transparent with our customers about our practices and the choices and control they have over their information,” a GM spokesperson said in a statement.
Various district attorneys throughout the state, including in Los Angeles and San Francisco, were involved in the investigation and settlement.
Technology has been playing a bigger role in the auto industry, but the data collected from drivers can reveal personal information about people’s daily habits, including where they drop off their kids and doctor visits.
The California Privacy Protection Agency in 2023 started investigating the privacy practices of connected cars. As the state was looking into the automakers, the New York Times reported in 2024 that GM was sharing consumer driving behavior with insurance companies. Nationwide, GM reportedly made roughly $20 million from selling data to Verisk and LexisNexis.
The state’s privacy protection agency has taken action against other automakers before. Ford Motor Company was fined $375,703 in March and Honda was fined $632,500 in 2025 for privacy violations.
Under the GM settlement, which still needs court approval, the automaker would delete any driving data the company kept within 180 days and request that the two data brokers do the same. They would also stop selling driving data to consumer reporting agencies for five years and develop a privacy program that includes assessing and mitigating the risks of data collected from OnStar.
California’s settlement with GM came after the Federal Trade Commission in 2025 also took action against the automaker and OnStar for its privacy practices, barring them from disclosing location and driver behavior data to consumer reporting agencies for five years.
Business
Trump’s Latest Tariff Setback Looms Over China Talks
A day after a federal court ruled against President Trump’s latest global tariffs, his administration returned to the drawing board on Friday, trying to preserve its powers to wage economic warfare in time for high-stakes trade talks with China.
The latest legal blow concerned the 10 percent tariff that Mr. Trump imposed in late February on nearly all U.S. imports. The president unveiled that policy as a sort of temporary fix, after the Supreme Court tossed out his initial duties, but a panel of judges once again found that the White House had run afoul of the law.
The result was a familiar set of headaches for Mr. Trump, who has tried repeatedly — and with mixed success — to stretch his authority to tax imports without the express permission of Congress. By Friday, one of the president’s top aides signaled that an appeal was imminent, echoing the president, who told reporters shortly after the ruling that he would simply “do it a different way.”
Technically, the Court of International Trade only declared the president’s across-the-board, 10 percent tariff to be illegal. Otherwise, it did not issue an order forcing the government to stop collecting it from all importers, at least for now. Still, the outcome marked both a political and legal setback for Mr. Trump, who had spent much of the week issuing trade threats against Europe and preparing for talks in China.
Tariffs are expected to be a major topic on the agenda when Mr. Trump travels to Beijing to meet next week with his counterpart, Xi Jinping. Trade experts said the court decision could undercut the president’s leverage. Eswar Prasad, a professor of economics at Cornell University, said the ruling “severely handicapped” the administration’s ability to employ tariffs against foreign nations, leaving Mr. Trump with a “much weaker bargaining hand” when it comes to China.
“Any threats by Trump to hit China with broader and higher tariffs if Xi doesn’t bend to his will on economic and geopolitical matters now seem like empty bluster rather than credible ultimatums,” he said.
One of the president’s top trade advisers, Jamieson Greer, appeared to brush aside some of those concerns on Friday. During an interview on Fox Business, he criticized the court for ruling against the White House, claiming that some of the judges on the panel were “apparently just hellbent on importing more from China.”
Mr. Greer, who defended the president’s use of trade powers, added that the administration is “confident on appeal we’ll be successful.”
At the heart of the matter is Mr. Trump’s decision to invoke a trade power that no president had ever used. Known as Section 122 of the Trade Act of 1974, it permits the president to impose tariffs up to 15 percent for 150 days, but only in response to strict conditions, including a “balance of payments” crisis.
The term itself reflects a bygone concern from the time the law was adopted, when the U.S. dollar was pegged to gold, creating unique economic risks. But the Trump administration sought to argue that the law still applied today, pointing in part to the country’s persistent trade deficit, a different measurement, which reflects the gap between U.S. imports and exports.
In the end, a majority of judges on the Court of International Trade found the argument unpersuasive and sided with small businesses and states that had sued. It marked the second time that some of those challengers had prevailed against Mr. Trump, after they convinced the Supreme Court to invalidate his earlier use of emergency powers to impose withering tariffs.
The new decision raised the odds that the administration could soon have to pay back the billions of dollars collected from its 10 percent tariff, on top of the $166 billion that the government already owes to U.S. importers from its last legal defeat. But the fight appeared far from over, and much remained uncertain by Friday — not just for American businesses, which paid the cost to import goods, but for the Trump administration itself.
“President Trump has lawfully used the tariff authorities granted to him by Congress to address our balance of payments crisis,” Kush Desai, a White House spokesman, said in a statement. “The Trump administration is reviewing legal options and maintains confidence in ultimately prevailing.”
For one thing, the court only appeared to bar the collection of the president’s 10 percent tariff for some of the plaintiffs that sued, many legal experts said. That raised the odds that droves of U.S. businesses could soon mobilize and “file a court case” of their own asking for similar relief, said Ted Murphy, a top trade lawyer at the law firm Sidley Austin. He added that he also expected the trade court to pause implementation of its order pending an appeal.
The timing is important to Mr. Trump, who had always envisioned his across-the-board tariff as a stopgap that would allow the government time to prepare a set of more lasting rates using another set of authorities, known as Section 301. But that process was widely expected to take months, since the law requires the government to conduct investigations into other countries’ trade practices before Mr. Trump can apply new duties.
Those inquiries targeting dozens of countries are well underway, and the president at times has suggested the final rates could be set at new highs. Some experts believe the tariffs imposed using Section 301 could be more legally durable, though the administration could still face lawsuits over his aggressive use of the law.
Michael Lowell, the chair of the global regulatory enforcement group at the law firm Reed Smith, said the White House probably would not have to worry about “a broad attack on that authority.” But, he said, the courts had recently drawn something of a line in the sand, suggesting they would be “very skeptical of the administration looking to the past and finding and repurposing” other powers to advance its trade agenda.
Unlike the president’s other trade gambits, he has successfully applied tariffs in the past using Section 301, including on China. That left some analysts to conclude that Mr. Trump, while blemished, would still retain some leverage ahead of his trip to Beijing next week.
“Unless they have amnesia, China should remember quite vividly how during Trump’s first term, the U.S. imposed multiple rounds of tariffs under Section 301 on China during negotiations,” said Sarah Schuman, a former U.S. trade official who is now managing director at Beacon Global Strategies.
The administration still had multiple options “to increase tariffs on China in pretty short order,” she added.
Mr. Trump’s trip to China had been scheduled for April, but was delayed because of the war in Iran. U.S. officials have said their goals for the visit include establishing a “board of trade,” which would oversee commerce between the countries in an effort to balance trade and reduce the U.S. trade deficit with China
On Friday, Mr. Greer sketched out a long list of concerns that the administration planned to raise with its Chinese counterparts, from its adherence to past purchase agreements to its approach to artificial intelligence.
“There’s not really a situation where we go, we get China to change the way they govern, the way they manage their economy; that’s all baked into their system,” he said. “But I think there is a world where we find out where we can optimize trade between China and the U.S. to achieve more balance.”
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