Hong Kong is marking the end of an era of sorts - legendary billionaire Li Ka-shing is stepping down as chair of his massive company.

The 89-year-old will hand over the business to his eldest son. Li's considered the 'superman' of Hong Kong for his inspiring story and the empires he built. Mao Dan looks back on his legacy.

MAO DAN HONG KONG Hong Kong, Asia's financial center, is a playground for the rich. Legendary tycoon Li Ka-shing has made his last call, announcing that he is retiring after more than six decades in business.

LI KA-SHING CHAIRMAN OF CK HUTCHISON & CK ASSET "I will retire as chairman of my companies after the annual general meeting on May 10th. As I look back over all these years, I am very grateful that I have the honor in my life to build Cheung Kong, to create my value for the shareholders and to serve society."

MAO DAN HONG KONG Li Ka-shing started his career in the 1950s with a plastic flower business. He then moved into property and built a fortune as real estate prices surged in the city. He became and remained Hong Kong's richest man for two decades. For many years, he was also Asia's wealthiest.

Today his business empire has a total market capitalization of more than 80 billion US Dollars. To just give an example, he owns one of the world's largest operators of container terminals, Hutchison Port, and Asia's biggest health and beauty retailer, Watsons. Li's ability to build empires out of ordinary businesses earned him the nickname superman in Hong Kong. He has also been held up as a symbol of the entrepreneurial spirit of the city.

HONG KONG RESIDENT "His enterprising spirit is inspiring for Hong Kong. He worked so hard since he was very young to achieve his success. He is a role model for Hong Kong people."

Li Ka-shing's business expanded to the Chinese mainland after the late leader Deng Xiaoping's southern tour in 1992 at the start of China's reform and opening up. His major investments included ports, offices, retail and hotel development. Referred to as Asia's Warren Buffett, he is also credited for having a hand in transforming Hong Kong into the buzzing financial and business hub it is today. And his retirement is seen as symbolizing the end of an era.

HONG KONG RESIDENT "Young people today should learn from him. You have to work hard to get what you want. Don't rely on your parents, rely on yourself. Use your own mind and your strength."

MAO DAN HONG KONG After retirement, the billionaire said he plans to focus on his charity, the Li Ka Shing Foundation, which was established in 1980 and has given grants and scholarships to causes including education, health care and humanitarian work. Li also pledged to give one-third of his wealth to charitable causes. Mao Dan, CGTN, HK.