The family of property tycoon Lee Shau-kee, Hong Kong’s second-richest man, lives in a grand mansion on The Peak—one of the city’s most prestigious neighborhoods, home to some of the world’s wealthiest individuals.

Kee, the Hong Kong billionaire known as “Asia’s Warren Buffett” and whose business empire included real estate, utilities and public infrastructure, has died. He was 97.

Lee Shau Kee, Hong Kong’s second richest billionaire, and his family planned decades ahead of his retirement to ensure a smooth succession at their business empire, now valued at HK$551 billion (US$71 billion).