Henderson’s Lee Sells Shares to Buy Land in Hong Kong

Billionaire Lee Shau-kee said he has sold as much as 30 percent of his Hong Kong stock investments and is buying land, betting that the government’s efforts to cool home prices won’t work.

Lee, chairman and controlling shareholder of Henderson Land Development Co., has put HK$20 billion ($2.6 billion) of proceeds from the sale of shares into real estate, he said at a press conference in Hong Kong yesterday.