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Wednesday, September 16, 2020, 22:43
Hong Kong’s richest man steps up donations amid downturn
By Bloomberg
Wednesday, September 16, 2020, 22:43 By Bloomberg

Billionaire Li Ka-shing appears for last CK Hutchison Holdings Ltd. annual general meeting as chairman on May 10, 2018. (PHOTO /  BLOOMBERG)

The charity of Hong Kong’s richest tycoon Li Ka-shing is donating HK$170 million (US$22 million) to four local universities, stepping up aid to a city battered by social unrest and an economic downturn.

The Li Ka Shing Foundation money is to be used to help establish biochemistry, biomedical and sustainable technology research facilities

The Li Ka Shing Foundation money is to be used to help establish biochemistry, biomedical and sustainable technology research facilities, as well as for artificial intelligence learning and teaching solutions, the charity said in a statement Wednesday. Li made the donation “to advance education excellence amidst uncertainties,” the charity said in the statement.

READ MORE: One-third of Li Ka-shing's wealth is a US$11b Zoom stake

Li is extending his philanthropy after giving away at least US$206 million in the past year to local universities, small businesses and medical services in a city roiled by social unrest and later, the pandemic.

With tourism, retail, food and beverage and hospitality sectors hammered by the crises, Hong Kong’s US$366 billion economy has slipped into a recession. The government, which has announced stimulus measures, expects the economy to shrink as much as 8 percent this year.

ALSO READ: Li Ka-shing's CK Group to cap costs as profit outlook dims

The tycoon added US$1.4 billion to his net worth this year, taking the total to US$31 billion, according to the Bloomberg Billionaires Index.

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