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Hong Kong’s Richest Man Donates $127 Million to Support Local Business

By Wei Yiyang and Han Wei / Oct 05, 2019 06:44 AM / Business & Tech

Photo: VCG

Photo: VCG

A charity fund of Hong Kong billionaire Li Ka-shing will donate HK$1 billion ($127 million) to help local small and medium enterprises in Hong Kong to overcome challenges amid months of unrest rattling the city, the foundation said Friday.

The Li Ka-shing Foundation said the donation aims to ease pressures on small businesses in Hong Kong and assist government policies in bolstering the local economy. The Hong Kong government last month unveiled a HK$19.1 billion economic relief package.

The charity said it will discuss how to distribute the money with the city government.

“I hope the HK$1 billion from the foundation can play a leading role,” Li, the foundation’s chairman, said in a statement. “I encourage different sectors to give their opinions, work together and pool our wisdom.”

Protests against a proposed law that would allow extradition to several jurisdictions — including the Chinese mainland — started in early June as peaceful rallies but evolved into violent clashes between police and protestors. The persistent turmoil slowed business activity in Hong Kong and fueled concerns that the city will slip into a recession.

Earlier this month, 91-year-old Li called for reconciliation between the government and protesters and described the unrest as Hong Kong’s “worst crisis since World War II.”

Related: Hong Kong Takes Back 168 Acres of Private Land for Public Housing

Contact reporter Han Wei (weihan@caixin.com)


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