Victor Li takes control of Cheung Kong empire

HONG KONG (Reuters) – Asia’s richest man, Li Ka-shing, has kicked off a succession plan to transfer control of his empire to his eldest son Victor Li, who has started to take control of the HK$850 billion ($110 billion) Cheung Kong group after an asset transfer. Victor Li now holds two-thirds of Li Ka-shing Unity Holdings Ltd after his younger brother Richard Li transferred his one-third holding in the family trust to him on July 16, according to a filing to the Hong Kong stock exchange. “This is just a procedure to implement what Mr. …