Lee Shau-kee has shifted his investment focus to property stocks in anticipation of further rallies in the stock market, the Hong Kong Economic Journal reported Wednesday.
“It is better to purchase stocks of property developers rather than their property developments,” the chairman of Henderson Land Development Co. Ltd. (00012.HK) said.
“I might not have earned anything if I invested HK$10 million last year in a property but would have made a more than 50 percent return if I bought our company’s shares,” Lee said.
Lee has been increasing his stake in Henderson and in Sun Hung Kai Properties Ltd. (00016.HK), his holding in SHKP rising to 1.83 percent.
The tycoon urged the public to seek consensus on political reform that could add stability to the city and further boost the stock market to over 30,000 points on the benchmark Hang Seng Index.
Meanwhile, Lee is pushing forward his plan to donate four land parcels to build a 1,600-unit home for the elderly, a 1,600-unit youth hostel and 5,000 units of subsidized housing, among others.
Some of the plans are still subject to government approval, he said.
Translation by Vey Wong
- Contact us at [email protected]