Hong Kong's real estate boom boosts wealth of property tycoons ...

2012 was a successful year for many of Hong King?s real estate moguls

The rapid expansion of Hong Kong?s real estate market has enhanced the fortunes of some of its most affluent business moguls, reported the Bangkok Post.

According to the latest ?rich list? published by Forbes magazine, almost two thirds of the list?s 50 members enlarged their wealth because of property development and investment.

The three highest ranking individuals on the latest ?rich list? are involved with property, and benefited from 2012?s 38 percent run-up in the property index on the Hong Kong Stock Exchange.

Li Ka-shing amassed the greatest wealth increase, bringing in an extra US$8 billion. This brought the long time chart-topper?s net worth to US$30 billion.

Ranking second on the list was Lee Shau Kee, who added US$3 billion to his net worth to reach a total of US$20 billion. In 2012, Lee, chairman of Henderson Land, purchased shares in his own company. This increased his stake by 6.8 percentage points to a total of 62.6 percent. As a result, Henderson Land?s stock price rose more than 40 percent.

Third on the ?rich-list? was the Kwok family, who observed an almost US$4 billion growth to their net worth, taking the total to US$19.2 billion. In 2012 shares in the Kwok family?s Sun Hung Kai Properties rose 28 percent on the bright real estate outlook.

Peter Woo?s net worth more than doubled, and he ranked seventh on the list. This was due to a successful year in his signature retail malls, Harbour City in Tsim Sha Tsui and Times Square in Causeway Bay. This boosted the share price of his Hong Kong-listed Wharf Holdings by 77 percent in 2012, increasing his net worth from US$3.4 billion to US$8 billion.

Fong Yun Wah and Law Kar Po also moved up the list, increasing their fortunes to US$2.5 billion and US$2.6 billion respectively last year.

The list was created using shareholding and financial information obtained from the families and the individuals, stock exchanges, analysts, private databases and other sources. Net worth figures are based on stock prices and exchange rates as of the close of markets on December 31 2012. Many of the fortunes are shared among members of extended families and cannot be attributed completely to the named individual.

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Source: http://www.property-report.com/hong-kongs-real-estate-boom-boosts-wealth-of-property-tycoons-27145

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