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HK tycoon's children won't inherit fortune

HK tycoon's children won't inherit fortune.

Mogul donates millions to charity; heir to biggest HK real estate agency still saving for first home

HONG KONG • The heir to the biggest real estate agency in property-mad Hong Kong does not own a house.

Not only that, he will not inherit his father's stake in Centaline Group - estimated to be worth about US$400 million (S$543 million), according to the Bloomberg Billionaires Index - because it was donated to charity more than a decade ago.

But Mr Alex Shih is not perturbed, even though he is missing out on the wealth which the offspring of some Hong Kong tycoons are taking control of, along with their families' businesses.

Source: https://www.straitstimes.com/business/property/hk-tycoons-children-wont-inherit-fortune

Adapted from The Straits Times 24 April 2019