The 90-year-old Hong Kong billionaire is worth $30.4bn
Li Ka-Shing has offered to pay $14m in tuition fees for Chinese students
According to the BBC, Hong Kong’s richest man Li Ka-Shing will pay $14m in tuition fees for Chinese students.
The 90-year-old billionaire, who is worth $30.4bn, will make the payment through his charitable foundation – the Li Ka-Shing Foundation.
Fees for full tuition for four to five years for undergraduates at the Shantou University in Guangdong will be covered by the foundation. The first class to receive the funding will be the incoming class of 2019.
Almost 400 students will benefit from the pledge, which will wipe out their debt that totals to $40m.
Over 100m Chinese yuan will be funded per year to meet the fee requirements.
“The Foundation hopes this scheme can alleviate financial burdens for families and encourage the pursuit of personal interests and further learning to better prepare graduates for the challenges of an increasingly complex global economy,” the foundation said in a statement.
Li is nicknamed ‘Superman’ for his success in business. Last year, he retired from his business empire and handed it to his son Victor Li.