Billionaire Lee Shau-kee has starting stepping down from the helm of his real estate empire by first giving up responsibility for Miramar Hotel Investment Co. Ltd. (00071.HK).
Lee’s second son, Martin Lee Ka-shing, has been re-designated, with shareholders’ approval, as the hotel company’s executive chairman, on top of his existing duties as chief executive and managing director, the Hong Kong Economic Journal reported Thursday.
The change of leadership will take effect from Thursday.
The tycoon, 86, said he will pass off all his existing roles gradually, in order of importance.
Martin Lee said the hotel group’s business development and operations will not change.
He also said the recent downturn in spending by mainland travelers is yet to have an impact on the group’s retail property rents.
Mainland tourists fill about 30 percent of the group’s hotel rooms, the report said.
The group has set aside HK$100 million (US$12.9 million) to rebuild some premises in Tsim Sha Tsui and turn them into boutique hotels with more than 50 rooms for overseas travelers and high-end mainland visitors.
– Contact us at [email protected]