Richest Asian confident in family business turn-over

Hong Kong (CNS) -- Hong Kong entrepreneur Li Ka-shing, 83, the richest Asian according to Forbes' Thursday release, expressed his overwhelming confidence not only in his business empire and prospective successor Li Tzar-kuoi, but for China's long-term economic strength as well, during a recent interview with the well-known magazine.

The vigorous entrepreneur jumped up two seats to ninth place on the global list, with net assets of US$ 25.5 billion. Li is the only Asian on the Forbes Top 10 list this year.

Li's family businesses are an eclectic collection: about 70 percent of Hong Kong's port flows, a considerable local market share in the fields of electric power and telecommunications, not to mention successful overseas acquisitions of British electric power and water companies. Forbes spares no praise for Li.

When asked about his retirement plan, Li showed no disinterest or boredom with his life's work and magnificent empire, but revealed his steadfast trust in his son and first choice to take over the wheel, Li Tzar-kuoi.

The visionary billionaire has unshakeable faith that China's economy will land softly and that it will grow irresistibly at an annual rate of six to eight percent.

The Forbes global rich list also includes four other Hong Kongers: the Kwok brothers (27), joint chairmen of Sun Hung Kai Properties; Chairman Lee Shau Kee (29) at Henderson Land Development; and Cheng Yu-tung (39), the recently retired chairman of New World Group.

Mexican Carlos Slim held on to his championship this year, with reported net assets of US$ 69 billion, followed by Bill Gates (US$ 61 billion) and Warren Buffet (US$ 44 billion).