Lee died peacefully on Monday evening in the company of his family, Henderson said in a press release.

Known as "Uncle Four" as he had three elder siblings, Lee was one of the most influential players in Hong Kong's post-war real estate boom and was also a shrewd stock market investor.

He was listed as the second wealthiest man in Hong Kong with a net worth of $29.2 billion, according to a Forbes list published in February.

Like other Hong Kong tycoons, Lee retired late in life, only stepping down as chairman of Henderson in May 2019.

His sons Peter and Martin Lee took over as joint chairmen and managing directors.

Born in China's Guangdong province, Lee helped out in his family's gold and silver business as a child before moving to Hong Kong in 1948.

In 1969, he co-founded Sun Hung Kai, which became one of the top property developers in the then British colony.

Lee established his own real estate firm Henderson in 1976, and his business interests grew to encompass hotels, public utilities, and the operator of Star Ferry -- one of Hong Kong's most recognisable icons.

The Henderson, a skyscraper designed by Zaha Hadid Architects located in Hong Kong's finance district, opened last year.

Hong Kong leader John Lee on Monday lauded the tycoon as an "outstanding business leader and entrepreneur who had made significant contributions to Hong Kong's economic development, as well as the city's prosperity and stability".

Details of his funeral will be announced later, according to the company.