Victor Li and Richard Li, the sons of Hong Kong's richest man Li Ka-shing, work together for first time on heritage project

By Enoch / | May 14, 2019 10:48 AM SGT
A newly refurbished heritage project in the tourist hotspot of Tsim Sha Tsui is the result of an unusual collaboration.
The revamp of 1881 Heritage, a historical building that housed the former Marine Police Headquarters, involved the two sons of Hong Kong's richest man Li Ka-shing and their companies working together on a project for the first time.
Victor Li Tzar-kuoi, 54, and his younger brother Richard Li Tzar-kai, 52, on Wednesday co-hosted a ceremony with Chief Executive Carrie Lam Cheng Yuet-ngor for the opening of House 1881, which comprises a boutique hotel and five restaurants, located within the main building at 1881 Heritage.
Victor Li, who took over as chairman of CK Asset Holdings from his father last year after his retirement, has always worked at the property developer.
Richard Li worked at Hutchison Whampoa (the predecessor to CK Hutchison) but left the group in the 1990s and set up his own business. His telecommunication and financial conglomerate, Pacific Century Group, includes the life insurance arm FWD Group, which was involved in the project.
Li Ka-shing, 90, had a net worth of US$31.9 billion in February, according to Forbes. Richard Li ranked as Hong Kong's 21st richest man in the same list with a net worth of US$4.5 billion.
Victor Li is not on the list but his companies CK Asset and CK Hutchison employ more than 320,000 people and operate in more than 50 countries.
In January, FWD acquired a lease for 1881 Heritage from CK Asset, whose terms were not disclosed.
The lease allows FWD to run the hotel and five restaurants in the main building of 1881 Heritage while CK Asset will continue to operate other commercial businesses in the premises.
FWD has spent the past few months renovating the boutique hotel and restaurants and has renamed it House 1881 from Hullett House. The revamped hotel only has 10 rooms done up in British style unlike the...