Billionaire, 90, vows to pay R199 million in tuition fees for students

Billionaire, 90, vows to pay R199 million in tuition fees for students

Li Ka-Shing, who is Hong Kong's richest man, has vowed to pay an entire university class' tuition fees for the next five years.

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The 90-year-old billionaire has taken the financial burden off of students' shoulders. The Li Ka-Shing Foundation will carry Shantou University's 2019 incoming class' study fees for up to 2024, BBC reported.

Briefly.co.za learned the move will cost Ka-Shing $14.4 million - which is more than R199m - a year.

Ka-Shing is reportedly worth $30.4 billion - an estimated R333 billion. In a statement, the foundation said it hoped that the scheme would help lift the financial burdens for families, as well as motivate the students to focus on their studies.

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Billionaire, 90, vows to pay R199 million in tuition fees for students

90-year-old Hong Kong billionaire Li Ka-Shing. Photo credit: Wikimedia Commons.
Source: UGC

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According to reports, Ka-Shing retired from his business empire in 2018, leaving his oldest son in charge.

The family owns CK Hutchison Holdings and CK Asset Holdings, groups that operate in the retail, telecoms and power sectors.

Ka-Ching was not born rich; he worked as a cleaner as a young boy, sweeping the floors in a factory.

Meanwhile, Briefly.co.za previously reported billionaire Robert F Smith surprised students at graduation by promising to pay off the class’ debt.

A video of his kind gesture was shared online and it inspired social media users.

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Source: Briefly.co.za

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