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HK Tycoon Li Ka-shing Donates $25.5 Million to Support Small Restaurants

By Wen Simin and Denise Jia / Oct 30, 2019 02:56 AM / Economy

Photo: VCG

Photo: VCG

A charity fund of Hong Kong billionaire Li Ka-shing will donate HK$200 million ($25.5 million) to help local small and medium restaurants.

The donation is part of the Li Ka-shing Foundation’s previously announced HK$1 billion ($127 million) pledge to support local small and medium businesses in Hong Kong to overcome challenges amid months of unrest rattling the city.

Each qualified restaurant will get HK$60,000, which will be disbursed before the end of November, the foundation said Tuesday in a statement.

To speed up the disbursement, the application process will be simplified as much as possible. Any restaurants employing fewer than 50 people and having a proper business registration and license can apply for the assistance fund.

The foundation said the restaurant sector has suffered difficulties more serious than when the severe acute respiratory syndrome (SARS) outbreak hit Hong Kong in 2003, with about a 30% drop in overall revenue and closure of about 200 restaurants.

The next target of the support program will be the retail industry. The foundation said it is now working closely with representatives from retailers.

Contact reporter Denise Jia (huijuanjia@caixin.com)

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