Lee Shau-kee, founder of Hong Kong's Henderson Land Development and one of the city's most successful property businessmen and philanthropists, died on Monday at age 97.

Lee passed away peacefully at dusk, surrounded by his family, according to a statement by Henderson.

Born in 1928 to a merchant family in Shunde, Guangdong province, Lee started his business in Hong Kong in his 20s and established Henderson in 1976.

Lee's decadeslong success in real estate development and investment made him one of the wealthiest people in the world.

In 1996, he was ranked by Forbes as the fourth-richest person globally, with a total fortune of $12.7 billion.

Beyond his business achievements, Lee was also celebrated for his charitable works.

In 2008, Lee and Henderson together donated nearly HK$600 million ($77.2 million) to assist people struck by the magnitude 8 Wenchuan earthquake in West China's Sichuan province.

Lee's charity foundations have also generously supported students and universities throughout Hong Kong and the Chinese mainland, promoting educational development.

Lee was awarded the Grand Bauhinia Medal by the SAR government in 2007 in recognition of his contributions.

In a statement released on Monday night, Hong Kong Chief Executive John Lee Ka-chiu expressed his condolences on Lee's death.

Praising Lee as an exceptional business leader and entrepreneur, the chief executive said he contributed greatly to the economic development, prosperity and stability of Hong Kong.

His generous donations and his support for talent also contributed to the development of education and research, John Lee said.