>> One of the world's richest tycoons, Li Ka-shing, is retiring at the age of 89. Li is Hong Kong's richest man, he announced Friday he's stepping down from his business empire effective May 10th.>>
> Li has named his eldest son, Victor, as his successor, marking the end of an era for an iconic Hong Kong conglomerate.
And a rags to riches story that matched Hong Kong's rise from a trading outpost to a top financial center. Li was a penniless immigrant when he arrived in 1940, now he's worth over $35 billion. In recent years, his ties with China's Communist party leadership have come under fire, he's never voiced over criticism in public.
News of Li's retirement came with good results at some of his biggest firms, Cheung Kong's real estate arm saw 2017 profits surge 55%.>>