CK Hutchison Holdings (CKHUY), the company that Li built into one of the biggest businesses in Asia, announced Friday that he 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. ... (full story)