Hong Kong Billionaire Pledges To Pay $14M In Tuition Fees for Chinese Students

Previously, the Typical Student team told you how Billionaire Robert F. Smith Pledged To Pay Off The Morehouse College Class Of 2019's Student Loans. Now, Hong Kong's richest man Li Ka-Shing is following in Smith's steps. As reported by the BBC News, Ka-Shing has pledged to pay $14m  through his charitable foundation to cover for the tuition fees for a class of Chinese university students. The Li Ka-Shing Foundation is to fund Shantou University's 2019 incoming class for up to five years.

Who Will Get Their Tuition Fees Covered?

Li Ka-Shing was ranked 28th on the Forbes rich list in 2019. The rich list suggests Mr. Li's, 90, net worth is $30.4bn (£24.2bn). As told in the numerous news outlets, the Li Ka-Shing Foundation will cover full tuition for 4-5 years for undergraduates. Basically, this means all students starting with the incoming class of 2019 at Shantou University (Guangdong province, China) will get the billionaire's tuition.

Li Ka-Shing's Background

Mr. Li, who earned the nickname "Superman" for his business and investment success, was knighted by the UK in 2000. He literally built his business empire starting work sweeping factory floors as a young boy. As reported by the BBC News, Mr. Li was one of the first Hong Kong tycoons who made investments in mainland China. Property accounts for a big part in Li's wealth. The Li family's CK Hutchison Holdings and CK Asset Holdings groups are involved in sectors including retail, telecoms, and power. His son, Victor Li, is now in charge of the family business.