CNN

Hong Kong’s richest man is giving millions to businesses hurting from the protests

Oct 4, 2019, 6:45 AM | Updated: 6:46 am
Police arrive to chase away anti-government protesters in Hong Kong, Tuesday, Oct. 1, 2019. Thousan...
Police arrive to chase away anti-government protesters in Hong Kong, Tuesday, Oct. 1, 2019. Thousands of black-clad protesters marched in central Hong Kong as part of multiple pro-democracy rallies Tuesday urging China's Communist Party to "return power to the people" as the party celebrated its 70th year of rule. (AP Photo/Vincent Yu)
(AP Photo/Vincent Yu)

(CNN) — Hong Kong’s richest man Li Ka-shing is giving one billion Hong Kong dollars ($128 million) to businesses hurt by the city’s pro-democracy protests.

The 91-year-old billionaire said he hopes the donation will “take the lead” in helping small and medium-sized companies through tough times, according to a statement released Friday by his charitable foundation.

“The global economy is slowing. Plus, Hong Kong’s economy is facing unprecedented challenges,” the foundation said in its statement.

Ka-shing’s donation is meant to supplement recently announced government measures to allocate two billion Hong Kong dollars ($255 million) to support small companies. In total, the government is pumping billions of dollars into the economy in a bid to avert a recession as the political crisis disrupts business, particularly in retail and other services. The faltering economy is also suffering from China’s slowdown and the trade war.

Further details about how the foundation’s money will be used is pending discussions with the government.

Li and other real estate tycoons are facing pressure from China over the protests. State-run media organizations have criticized the city’s property developers and blamed them for rising home prices.

Spiking home prices are “the cause of the disease of Hong Kong’s social turmoil,” state-owned Xinhua News Agency wrote in a commentary published last month.

Xinhua called on the city to take back land from developers and offer more affordable housing as a way of appeasing public anger.

“It’s time for the Hong Kong developers to show their uttermost goodwill,” wrote the People’s Daily, the ruling Communist Party’s official newspaper, in a separate commentary last month. The article urged Hong Kong developers to give their undeveloped land to the government.

“This is the only way to be responsible for Hong Kong’s future, to ‘give young people a way out,'” the paper said, in a thinly-veiled dig at a phrase Li used during a speech in early September. Li at that time said he hoped that “those in power” could give young people “a way out” of the political turmoil.

One other developer, New World Development, recently said it would donate up to 3 million square feet from its land reserves for public housing.

The-CNN-Wire
™ & © 2019 Cable News Network, Inc., a Time Warner Company. All rights reserved.

Today’s Top Stories

CNN

...
Tim Lister, Julia Kesaieva, Salma Abdelaziz, Pierre Bairin and Jeevan Ravindran, CNN

Russian missiles hit Kyiv as G7 summit begins in Europe

G7 summit begins in Germany, as Russia hits Kyiv with a series of missile attacks.
1 day ago
American Airlines planes sit at gates at Ronald Reagan Washington National Airport (DCA) in Arlingt...
Chuck Johnston, CNN

More than 700 flights canceled Sunday

Across the United States on Sunday, more than 700 flights were canceled, according to the website FlightAware.
1 day ago
President Joe Biden. He will visit Israel and Saudi Arabia in July....
Donald Judd, CNN

Biden signs bipartisan gun safety bill into law: ‘God willing, it’s going to save a lot of lives’

President Joe Biden on Saturday signed into law the first major federal gun safety legislation passed in decades, marking a significant bipartisan breakthrough on one of the most contentious policy issues in Washington.
2 days ago
Bodycam footage from the Moab Police Department that shows them talking with Brian Laundrie is seen...
Jamiel Lynch and Chenelle Woody, CNN

Lawyer releases pages from Brian Laundrie’s notebook in which he admits to killing Gabby Petito

Eight pages of Brian Laundrie's notebook were released Friday by the Laundrie family attorney. The notebook was found near Brian Laundrie's remains.
3 days ago
The Senate is poised to take a critical vote to advance a major bipartisan gun safety bill toward f...
Clare Foran, Ali Zaslav, Lauren Fox and Ted Barrett, CNN

Senate passes first major federal gun safety legislation in decades

In the first gun safety legislation in decades, the Senate passed bipartisan bill focused on gun violence.
4 days ago
Petito lawsuit...
Maria Cartaya, CNN

A Florida judge is expected to make a decision in coming weeks on a lawsuit by Gabby Petito’s parents

Petito, whose disappearance last summer gripped the nation, was found dead in Wyoming after embarking on a cross-country trip with Laundrie, her fiance.
4 days ago

Sponsored Articles

Tax Harassment...
Jordan Wilcox

The best strategies for dealing with IRS tax harassment | You have options!

Learn how to deal with IRS tax harassment. This guide will teach you how to stop IRS phone calls and letters, and how to handle an IRS audit.
spend a day at Bear Lake...
Bear Lake Convention and Visitors Bureau

You’ll love spending the day at Bear Lake | How to spend a day at Bear Lake

Bear Lake is a place that needs to be experienced. Spend a day at Bear Lake.
Curb Appeal...
Price's Guaranteed Doors

How to have the best of both worlds for your house | Home security and curb appeal

Protect your home and improve its curb appeal with the latest security solutions like beautiful garage doors and increased security systems.
Prescription opioids can be disposed of during National Prescription Take Back Day...
Know Your Script

Prescription opioid misuse | How to protect your family from the opioid epidemic

Studies have shown that prescription opioid misuse has increased since COVID-19. So what do you need to know about these opioids?
Follow @ikeyospe...

Tax Tuesday: The Most Common Mistakes People Make When Filing Their Taxes

Fortunately, for most average earners, they will not end up owing overpayments received for the Child Tax Credit in 2021.
Follow @ikeyospe...

Tax Tuesday: How will last year’s child tax credits affect you?

Fortunately, for most average earners, they will not end up owing overpayments received for the Child Tax Credit in 2021.
Hong Kong’s richest man is giving millions to businesses hurting from the protests