Tang Shing-bor, a Hong Kong real estate mogul whose career spanned six decades, has passed away. He was 88 years old.

He passed away peacefully in Hong Kong on Friday with his family by his side, a Tang spokesperson said in a statement.

“The family will continue to follow the legacy of Mr. Tang Shing-bor and work together to develop the family business and make positive contributions to the country and society,” the statement said.

Tang, was known as the “Shop King” for its extensive portfolio of commercial properties. His family’s real estate portfolio was valued at around HK $ 75 billion ($ 9.7 billion) last year. At the height of the retail boom in Hong Kong in 2017, Tang invested more than $ 1 billion in commercial real estate.

In property circles, Tang was renowned for turning old industrial buildings, remnants of Hong Kong’s old manufacturing days, into viable commercial real estate in booming city neighborhoods.

Humble beginnings

Tang’s success was a far cry from his humble beginnings. When he was five, his father died and his mother was forced to take a low-paid factory job. With an elementary education, Tang took a job in his late teens as an apprentice to an electrician making neon signs.

In his twenties, he opened his own neon shop, and in the 1970s, a dim sum restaurant with friends. The restaurant has launched a series of successful store investments.

By 1997, Tang had acquired more than 200 stores worth about HK $ 7.3 billion and started planning an IPO, only to see those dreams collapse amid the 1997 Asian financial crisis.

More recently, Tang was one of the many real estate moguls hit by Hong Kong’s six quarters. slowdown, triggered by the 2019 protests and then the coronavirus pandemic. In January it was looking to sell billions of dollars in real estate.

Details of Tang’s funeral arrangements will be announced in due course, the statement said.

– With the help of Shawna Kwan