Hong Kong’s richest man Li Ka-Shing has pledged to pay the tuition fees for a class of Chinese college learners through his charitable basis.
The Li Ka-Shing Foundation will fund Shantou University’s 2019 incoming course for up to five years.
Mr Li, aged 90, is really worth $30.4bn (£24.2bn) according to Forbes.
Past thirty day period billionaire Robert F Smith manufactured a identical move, stating he would pay back the loans of a US college class.
The Li Ka-Shing Foundation will protect whole tuition for four to 5 years for undergraduates, beginning with the incoming course of 2019 at Shantou University, in the Guangdong province of China.
The transfer will cost 100m Chinese yuan ($14.4m £11.5m) a calendar year.
“The Foundation hopes this scheme can reduce monetary burdens for people and really encourage the pursuit of private interests and further studying to superior put together graduates for the difficulties of an significantly complex international economy,” the foundation mentioned in a statement.
Mr Li, who has a rags-to-riches tale following starting up work sweeping factory flooring as a youthful boy, was ranked 28th on Forbes rich record in 2019.
He retired from his enterprise empire final calendar year, handing around the reins to his eldest son Victor Li.
The Li family’s CK Hutchison Holdings and CK Asset Holdings teams are associated in sectors which include retail, telecoms and ability.
Mr Li was a person of the initially Hong Kong tycoons to make investments in mainland China, and house accounts for a huge element in his prosperity.
The billionaire was knighted by the United kingdom in 2000 and acquired the nickname “Superman” for his organization and expenditure success.
Mr Li’s generosity comes on the heels of a similar transfer by American philanthropist Robert F Smith.
Very last month the billionaire tech trader stunned graduating students in Atlanta, Ga, by telling them he would fork out off all of their university student loans.
Nearly 400 learners stand to advantage from the pledge to wipe out their credit card debt, considered to be worth $40m.