Lee Shau-kee, founder of Hong Kong's Henderson Land Development and one of the city's most successful property businesspeople and philanthropists, died on Monday at the age of 97.

Lee passed away peacefully at dusk, surrounded by his family, according to a statement by Henderson.

Born to a merchant family in Shunde, Guangdong province in 1928, Lee started in his business in Hong Kong in his twenties and established Henderson in 1976.

Lee's decades-long success in real estate development and investment made him one of the wealthiest people in the world. In 1996, he was ranked by Forbes as the fourth-richest person globally, with a total fortune of $12.7 billion.

Beyond his business achievements, Lee was also celebrated for his charitable works. In 2008, Lee and Henderson together donated nearly HK$600 million ($77.2 million) to assist people struck by the magnitude-8 Wenchuan earthquake in Sichuan province.

Lee's charity foundations have generously supported students and universities throughout Hong Kong and the Chinese mainland, promoting educational development.

Lee was awarded the Grand Bauhinia Medal by the SAR government in 2007 in recognition of his contributions.

Hong Kong Chief Executive John Lee Ka-chiu expressed his condolences on Lee's passing in a statement on Monday night.

Praising Lee as an exceptional business leader and entrepreneur, the chief executive said that Lee had contributed greatly to the economic development, prosperity and stability of Hong Kong.

Lee's generous donations and dedication to support talent also contributed to the development of education and research, the chief executive said.

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