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Hong Kong’s Richest Man Will Pay $14 Million for Mainland Tuition Fees

  • Tycoon’s annual grant goes to university in his home province
  • Foundation has invested more than $3.2 billion since 1980
Li Ka-shing
Li Ka-shingPhotographer: Anthony Kwan/Bloomberg

It’s Hong Kong billionaire Li Ka-shing’s turn now to support university students, a month after U.S. tycoon Robert F. Smith vowed to pay off loans of undergraduates in an American college.

The Li Ka-shing Foundation said it will pay tuition for all undergraduates in the incoming class of 2019 for four to five years at Shantou University in Guangdong, the southern Chinese province Li came from as a refugee to Hong Kong decades ago. The foundation has committed to an annual grant of 100 million yuan ($14.5 million) to the university, it said in a June 16 statement.