Hong Kong's richest man Li Ka-shing vows to donate more

PLANNED GIVING

Hong Kong's richest man said Thursday he would donate more generously to charities, but stopped short of following the 40 US billionaires who pledged to give at least half of their fortunes away.

Li Ka-shing, who has amassed his estimated 21.3 billion US dollar fortune by investing in ports, properties, telecoms and utility projects, was asked if he would consider following the cause initiated by Bill Gates and Warren Buffet.

Microsoft mogul Gates and investment guru Buffett said Wednesday that 40 US billionaires had agreed to take part in The Giving Pledge, their scheme to convince America's richest to give at least 50 percent their money to charity.

"First, my health is very good. I am very satisfied with that," the 82-year-old told a press conference after announcing the first-half results of his conglomerate Hutchison Whampoa and property firm Cheung Kong Holdings.

Li said his charity group, Li Ka Shing Foundation, had donated more than 10 billion Hong Kong dollars (1.28 billion US) to charitable causes over the past three decades, with most of the money spent in China.

"In the next 10 years, I believe my foundation will donate more than the total amount it donated in the last 30 years," he said, adding that he had injected a third of his capital and assets into the foundation.

Copyright by AFP 2010 | Aug 6, 2010