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Victor Li, the eldest son of Asia's richest man, Li Ka-shing, has started to take control of his family business empire after an asset transfer earlier this week, a move to consolidate his father's succession plan.

According to a filing to the Hong Kong stock exchange, Victor Li now owns two-thirds of Li Ka-shing Unity Holdings Ltd., after his younger brother, Richard Li, transferred his one-third holding to him Monday.

Li Ka-shing Unity Holdings is a family trust that controls Cheung Kong (Holdings) Ltd. (0001.HK, CHEUY), Hutchison Whampoa Ltd. (0013.HK, HUWHY) and other affiliate companies.

Speaking after a shareholders meeting of Cheung Kong and Hutchison Whampoa May 25, Li Ka-shing said he had no plans to retire anytime soon, but sought to put to rest frequent media speculation in the city on the future of his multibillion-dollar companies. At the time, he told reporters Victor Li would manage the Cheung Kong Group assets.

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