Wednesday 19 June 2019 11:30 am

Hong Kong’s richest man Li Ka-shing to pay tuition fees for class of Chinese students

Hong Kong’s richest man Li Ka-shing has promised to pay tuition fees for a class of Chinese university students.

His charitable foundation will fund Shantou University’s 2019 incoming class for up to five years.

Li’s pledge will cost 100m Chinese yuan (£11.5m) a year.

The 90-year old is worth $30.04bn (£23.8bn) according to Forbes.

The foundation said in a statement: “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.”

Li’s move is similar to that of US billionaire Robert F Smith who said last month he would pay off the tuition debt of the 2019 class of Morehouse College.

Li announced his retirement as chair of conglomerate CK Hutchison Holdings last year, passing the mantle to his son Victor Li.

Li started as a factory apprentice at 13 and has been nicknamed “Superman” for his business success.

He was knighted by the UK in 2000.