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215 - Hutchison Telecommunications Hong Kong Holdings News Story

HK$1.26 0.0  0.8%

Last Trade - 12/08/20

Mid Cap
Market Cap £600.5m
Enterprise Value £107.3m
Revenue £552.0m
Position in Universe 1042nd / 5989

Hong Kong tycoon Li Ka-shing donates $128 mln to support local business

HONG KONG, Oct 4 (Reuters) - Hong Kong's richest man Li
Ka-shing will donate HK$1 billion  ($128 million) to support
local small and medium sized businesses, his foundation said on
Friday, a move that comes as the city's economy has been roiled
by pro-democracy protests.
    Hong Kong tycoons and property developers have come under
pressure from Beijing for not doing enough to alleviate housing
problems in the Chinese-ruled city.
    Li, in particular, was singled out by China's Central
Political and Legal Affairs Commission in September for
"harbouring criminality" after he called on authorities to offer
young people an olive branch amid the anti-government protests
that have roiled the city.*:nP8N23M01J
    Li has said that he deeply regrets that his comments made
regarding the protests were misrepresented and reiterated that
any actions that violate the rule of law cannot be tolerated.
    The Li Ka-shing Foundation said it would discuss the support
measures with the government and had made the donation as Hong
Kong's economy faced "unprecedented challenges." 
    The move comes as Hong Kong's government is expected to
discuss sweeping emergency laws on Friday that would include
banning face masks at protests, two sources told Reuters. Media
reported the government was expected to announce the ban
effective from midnight.*:nP8N23M020
    Li's donation comes after property firm New World
Development  0017.HK  said it would donate 3 million square feet
of its farmland reserves for social housing.*:nL3N26G2T1 
    ($1 = 7.8427 Hong Kong dollars)

 (Reporting by Donny Kwok and Anne Marie Roantree; writing by
Farah Master; Editing by Raju Gopalakrishnan)
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