Superman’s Intervention: Here’s How Much Billionaire Li Ka-Shing Pledges to Aid Struggling Businesses in Hong Kong
Every cloud has a silver lining, the proverbial saying goes, and as much as it is nice to look at the brighter side of things in the midst of chaos, it is not easy to do so. It’s undoubtedly difficult to find the positive while there is relentless disorder around you.
However, if another man can show a single act of kindness, it somehow transcends into a ray of sunshine that can create a ripple effect. The richest man in Hong Kong just did that when he donated millions of dollars to struggling small businesses.
Hong Kong has been the talk of the town for months now because of the political unrest that affected not just the citizens but the businesses as well. The protests have caused disarray on how things go in the region – streets were closed, flights were canceled, etc. – that eventually took a toll on the stock market.
Billionaire Li Ka-Shing stepped up on Oct. 4 and announced that he pledges $127 million or HK$1 billion to the government’s $2-billion recovery fund. The donation, made through his eponymous foundation, was meant to help the small brands that were affected by the protests. Months before, the 91-year-old also started efforts to halt violence, putting out advertisements in newspapers in a bid to stop the hatred “in the name of love.”
The protests were sparked by the extradition bill introduced, which had already been withdrawn by its leader, Carrie Lam. Despite the pull-out, protesters are still restless, which speaks a lot about a bigger problem in the system. In September, things went physical between protesters and responding law enforcement, which prompted Li, who is called “Superman” in the country, to speak out and side with the protesters.
For the Youth
The billionaire’s statements asking compassion for the young protesters, whom he referred to as masters of our future, received backlash from a government agency. The criticism continued on social media and some even urged the government to seize Li’s land to solve the shortage in houses.
This was barely the first time Li expressed support for the youth. In June, the time when protests started, his charity revealed that it will be annually giving $14.4 million, or 100 million yuan, to Shantou University to cover students’ tuition in the next five years. Two months later, the foundation again gifted HK$500 million for the research facility of the Hong Kong University of Science and Technology.
Blow after Blow
Behind the giveaway of his fortune to various institutions, Li has suffered a blow in his net worth because of what’s happening in Hong Kong. In July, it was said that he was worth $27 billion after he had lost $3 billion.
Other billionaires who have come out to slam the incidences were Peter Woo and Merlin Swire. Clearly, Li wasn’t the only wealthy man in Hong Kong to have experienced the negative effects of the protests. The combined net worth of the 10 richest of the nation decreased to $15 billion.
More in Rich & Famous
5 Tips to Ace Your Virtual Interview
If you are on a job hunt or going through with the subsequent stage of the recruitment process, below are some...May 1, 2020
The Doctor is Home—Here’s a Look Inside Dr. Oz’s Family Mansion in New Jersey
About two decades ago, Turkish-American celebrity doctor Mehmet Oz and his author wife, Lisa, went on looking for the perfect home...April 30, 2020
Coronavirus and Retirement: Mistakes to Avoid with Your 401(k)
Anyone who got accustomed to viewing his 401(k) account balance move higher for a considerable length of time, the market’s ongoing...April 29, 2020
This L.A. Abode Was HGTV Star Leanne Ford’s ‘Forever Home’ Until She Realized Something Life-Changing
When HGTV star Leanne Ford decided to take on this renovation project of a house located in Rustic Canyon in...April 29, 2020
List of Wealthiest Charitable Foundations and Their Area of Focus
Here are some of the wealthiest foundations which are listed according to their net assets. Bill and Melinda Gates Foundation The...April 27, 2020
A 3 Minute Read for Students who are Thinking about Launching Their Careers During the Outbreak
Usually, graduates who receive their diplomas and degrees always have new jobs available for them in the job market and are...April 23, 2020
The Career Woman’s Guide to Managing Stress
It’s not easy keeping a balance between striving for professional success and maintaining a happy personal life. With all the things...April 22, 2020
New McLaren Sports Series Hybrid Seen in Production Bodywork
Although the camouflage is quite heavy, one can clearly see that the new McLaren prototype is going to follow the tract...April 22, 2020
A Noob’s Duide to Investing in a Bear Market
If you looked closely at the stock movements these days, there is a question that you might ask. The bear market...April 21, 2020