Hong Kong’s richest man to pay tuition for undergrads at Chinese language college

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Hong Kong’s richest man, 90-year-old Li Ka-shing, has pledged to pay the complete tuition for all undergraduates at a Chinese language college — only a month after an American billionaire tech investor stated he’d repay all pupil loans for brand spanking new graduates of an Atlanta school.

The Li Ka-shing Basis vowed to fund the training for all incoming college students at Shantou College in Guangdong, the group stated in a press release. Li got here from the southern province of Guangdong as a refugee to Hong Kong many years in the past, Bloomberg reported.

The muse has dedicated to an annual grant of 100 million yuan — or $14.5 million — to the college over 4 to 5 years.

“The Basis hopes this scheme can alleviate monetary burdens for households and encourage the pursuit of private pursuits and additional studying to higher put together graduates for the challenges of an more and more advanced international financial system,” the assertion stated.

He’s additionally supported reform initiatives at Shantou College — offering grants totalling about $128 million.

Li, now the senior adviser to his family-controlled enterprise empire — CK Hutchison Holdings Ltd. and CK Asset Holdings Ltd. — has a internet value of about $30 billion.

He retired from his put up because the chairman of the conglomerate final 12 months, and his eldest son Victor Li is now on the helm.

Li is following within the footsteps of Robert F. Smith, value $4.47 billion, who supplied to pay all pupil mortgage money owed — totaling about $40 million, for all graduating seniors at traditionally black, all-male Morehouse Faculty.