Shakers: Chinese billionaire speaks of charity - Marketplace by Bloomberg - International Herald Tribune: "Shakers: Chinese billionaire speaks of charity
- Joshua Fellman
Published: August 25, 2006
HONG KONG Chinese billionaire speaks of charity
Li Ka-shing, the 78- year-old billionaire owner of Hutchison Whampoa, said Thursday that he had no plans to retire and eventually would give at least a third of his wealth to his charitable foundation.
The Li Ka-shing Foundation has disbursed or committed almost 8 billion Hong Kong dollars, or $1 billion, mostly in Hong Kong and China, Li said during a press conference about earnings for his two largest companies.
'This may spur more philanthropy in Asia,' said Michael Troth, Asia Pacific and Middle East head of global wealth structuring at Citigroup's private bank. 'An increasing number of our clients are interested in making a positive difference with their wealth and a lot of people look at what Li does when planning their affairs,' he said.
Li, who Fortune magazine says is worth $18.8 billion, joins fellow billionaires, including Bill Gates and Warren Buffett, in pledging to give away a substantial portion of their wealth. Buffett in June pledged $30.7 billion, over many years, to the Bill and Melinda Gates Foundation, the largest charitable commitment in history, according to the Chronicle of Philanthropy.
Like Buffett, Li has built the reputation of being a canny investor. Li became a tycoon by buying Hong Kong real estate in 1967 when riots tied to China's Cultural Revolution caused land prices to collapse.
The Li Ka-shing Foundation, established in 1980, has made grants, sponsorships and other commitments to educational, medical and health care causes, according to its Web site. About 90 percent of its funds are used for projects in Hong Kong and China, Li said. $@
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