The brothers took over leadership of Henderson Land Development and utility Hong Kong and China Gas, known as Towngas, from their father Lee Shau Kee, who died in March 2025 at the age of 97. Forbes estimated the brothers' combined fortune at $34.9 billion in February, placing them second on the Hong Kong rich list, a position previously held by their father.

Since becoming co-chairmen in 2019, they have guided the family business through major challenges, including the Covid-19 pandemic, an economic slowdown and changes in the property market while pursuing investments in clean energy and sustainability.

Although both oversee Henderson Land and Towngas, Peter has emerged as the driving force behind the group's push into renewable energy, sustainable fuels and climate technology. "While real estate continues to provide stable returns, future growth momentum will increasingly come from emerging sectors such as green tech," Peter said in a February interview with Forbes.

He said green technology could support both the environment and the family's businesses by leveraging Towngas' expertise as Hong Kong's dominant piped-gas supplier and an operator of city-gas networks in mainland China.

Peter Lee (L) and Martin Lee, co-chairmen of Henderson Land Development. Photo from the company's website

Under his leadership, Towngas has accelerated investments in renewable energy and low-carbon technologies. The company operates more than 1,000 solar projects across Hong Kong and mainland China, with total grid-connected solar capacity reaching 2.6 gigawatts as of June 2025. Sales of solar-generated electricity rose 44% year-on-year in the first half of 2025.

The utility has also expanded into green fuels, converting waste tires, biomass and municipal waste into green methanol for shipping while producing hydrogen from synthetic and landfill gas for transportation and EV charging infrastructure. Green methanol production capacity reached 165,000 tons last year and is expected to double by 2028.

In April this year, the company launched Hong Kong's first hydrogen-powered EV charging system for a commercial building at its headquarters in North Point, according to The Standard. The system uses locally produced hydrogen to generate electricity for EV chargers, allowing older buildings to add charging facilities without extensive upgrades to their power infrastructure.

Among the group's most prominent clean-energy ventures is EcoCeres, a Hong Kong-based producer of sustainable aviation fuel made from used cooking oil and animal fats. The company says its fuel can reduce greenhouse-gas emissions by up to 90% compared with conventional jet fuel and currently supplies about 20% of the global sustainable aviation fuel market.

Beyond Towngas, Peter has invested in climate technology through Full Vision Capital, a family office he founded in 2014. The firm had backed 10 green-technology startups with a combined valuation of $6.5 billion as of December 2025, according to Towngas chief investment officer Alan Chan.

Its investments include California-based EnerVenue, which develops long-duration energy storage systems for renewable energy. Towngas plans to deploy the company's batteries at EV charging stations in Hong Kong and mainland China.

The family office has also invested in Hong Kong-based i2Cool, whose solar-reflective coatings and energy-saving window films are being used at Towngas facilities and Henderson Land properties to lower electricity consumption. Another investment, Shanghai-based StarFive Technology, develops energy-efficient semiconductor chips used in Towngas smart gas meters.

The sustainability strategy extends beyond energy. In May, Henderson Land secured Hong Kong's first biodiversity loan for its Central Yards development, according to the South China Morning Post. The financing, estimated at around HK$100 million ($12.8 million), will support the planting of about 400 trees and 280 plant species, along with biodiversity monitoring and urban forest management programs.

Located on Hong Kong's Central waterfront, the project will include more than 300,000 square feet of open green space, including the district's largest elevated garden. The first phase is expected to open in 2027.

Betting on long-term growth

Despite the expansion, green technology remains a relatively small contributor to Towngas' earnings. Traditional gas operations still account for more than three-quarters of the utility's revenue.

In the first half of 2025, Towngas reported revenue of HK$27.5 billion and net profit of HK$3 billion. While its renewable energy business remained profitable, green fuel operations recorded an operating loss of HK$190 million.

Analysts nevertheless expect the sector to gain momentum as governments and businesses intensify efforts to reduce carbon emissions. HSBC analyst Evan Li said Towngas' green businesses are likely to expand faster than its conventional gas operations over time, supported by economies of scale and policy support.

The brothers remain confident that the strategy will deliver long-term growth.

"Five years from now, with our commercial developments in Central completed and green energy projects gradually taking shape, I'm confident our prospects will look bright," Martin said.

Peter, the father of three teenage boys and a devout Buddhist, added: "In the long run, we are going for the industries the Earth needs most."