HONG KONG (AP) — Lee Shau Kee, a Hong Kong billionaire property developer who led one of the biggest real estate empires in the former British territory, has died. He was 97.

The company that he founded said that Lee died on Monday evening peacefully with his family by his side. No cause of death was given.

Lee founded Henderson Land Development Co. Ltd. in 1976, and was its chairman and managing director until 2019. He was succeeded by his sons, Peter Lee and Martin Lee, the company’s chairpersons.

Forbes listed Lee as Hong Kong’s second-richest person with $29.2 billion in its latest ranking.

Under Henderson Land's belt are landmarks like the International Finance Centre complex and ifc mall in Central, a vibrant commercial district.

Lee was born in Guangdong province, the coastal region in southern China across from Hong Kong. He moved to the city in 1948, and became a key player in the real estate industry.

Like other Hong Kong tycoons, Lee was also one of the key philanthropists who contributed to the development of Hong Kong and mainland China. In 2007, the Hong Kong government awarded him the Grand Bauhinia Medal as a recognition of his outstanding contribution to education and community service.

Hong Kong leader John Lee expressed condolences over the tycoon's death and praised him for being an outstanding business leader and entrepreneur. Lee highlighted his generous donations to various universities in Hong Kong and mainland China and his support in nurturing talent.

Lee Shau Kee is survived by two sons and three daughters that he had shared with his ex-wife.