HK tycoon pledges $128 million to charity as index passes milestone


HONG KONG (Reuters) – The billionaire chairman of Hong Kong developer Henderson Land mentioned he’ll donate HK$1 billion ($128 million) to charity after town’s benchmark index surpassed the 30,000-point degree, maintaining a pledge he made seven years in the past.

FILE PHOTO – Tycoon Lee Shau-kee, founder, Chairman and Managing Director of property conglomerate Henderson Land Improvement Firm Restricted, poses in entrance of a constructing mannequin throughout a information convention in Hong Kong January 15, 2015. REUTERS/Bobby Yip/File Picture

Lee Shau-kee, nicknamed “Hong Kong’s Warren Buffett”, promised in his autobiography in 2010 that he would donate HK$1 billion when the Cling Seng Index surpassed 30,000 factors – a degree final scaled in November 2007 – and would proceed to donate that sum every year the index stayed above that degree.

“He’ll donate HK$2 billion a 12 months if the index goes above 40,000 factors as a part of his aspiration of serving to hundreds of thousands of individuals,” Henderson Land spokeswoman Bonnie Ngan instructed Reuters.

“Now we have checked with our boss and Mr Lee says he’ll preserve his promise and can donate HK$1 billion.”

Hong Kong’s benchmark index ended above 30,000 factors for the primary time in 10 years on Wednesday, closing at 30,003.49, amid indicators Chinese language buyers had been stepping up shopping for of Hong Kong shares.

FILE PHOTO – Tycoon Lee Shau-kee, founder, Chairman and Managing Director of property conglomerate Henderson Land Improvement Firm Restricted, poses in entrance of the corporate emblem throughout a information convention in Hong Kong January 15, 2015. REUTERS/Bobby Yip/File Picture

The blue-chip index prolonged positive factors on Thursday, rising zero.1 p.c to 30,024 by the lunch break. The index has risen 36.5 p.c up to now this 12 months, and is up 6.three p.c this month.

Lee is 10 initiatives associated to training and serving to to alleviate poverty, Ngan mentioned, including that particulars can be introduced as soon as finalised.

One in 5 individuals in Hong Kong, or 1.35 million individuals, fall beneath the poverty line, a document excessive, in accordance with the federal government’s Poverty State of affairs Report launched final Friday.

With a web value of $28.7 billion, Lee ranks as Hong Kong’s second-richest individual after tycoon Li Ka-Shing. Forbes listed him No.32 on its wealthy listing of billionaires globally.

“My want is to donate HK$1 billion a 12 months as charity because the Cling Seng Index hits 30,000 factors,” Lee had written on his web site. “On common, every individual would obtain HK$10,000 in subsidies, which means some 100,000 individuals would profit,” he added (bit.ly/2zghZsD)

Shares of Henderson Land, which has a market worth of HK$207 billion ($26.5 billion), had been up zero.four p.c on Thursday. They’ve risen practically 40 p.c up to now this 12 months.

Reporting by Donny Kwok; Modifying by Anne Marie Roantree and Stephen Coates

Our Requirements:The Thomson Reuters Trust Principles.



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