Lee secured 47 votes against Chan’s 42.
One member of the 90-seat legislature was absent from the vote. Election committee representative Simon Hoey Lee was not spotted in the chamber.
Lee succeeds Andrew Leung Kwan-yuen, who stepped down after choosing not to seek re-election in last month’s Legco poll.
Lawmakers voted by secret ballot following a two-hour election forum on Thursday morning, during which both candidates took questions from 21 fellow legislators.
Asked by lawmaker Kenneth Fok Kai-kong about ensuring impartiality in the presidency, both Lee and Chan cited their records of moderating meetings fairly and pledged that, if elected, they would not caucus with their respective political groups or publicly comment on government policies.
