Legendary business tycoon Li Ka-shing is retiring.
CK Hutchison Holdings, the company that he built into one of the biggest businesses in Asia, announced Friday that Li will step down as chairman in May.
The 89-year-old billionaire presides over a business empire that spans shipping, telecommunications and retail. But he got his start in property, snapping up real estate that was going cheap following riots in Hong Kong in 1967.
Rumors of Li's retirement have been circulating for years. He named his son Li Tzar Kuoi, also known as Victor Li, as his successor last year. Victor, 53, has spent years preparing to succeed his father as chairman of the company.
Forbes estimates Li's current net worth at $35.4 billion, making him Hong Kong's richest man.