Billionaire Li Ka-Shing has pledged to pay tuition for a class of university students in China through his charitable foundation.
On Sunday, the Li Ka-Shing Foundation announced it will spend $14.4M to fund four to five years of education for students in the 2019 incoming class at Shantou University in the Guangdong, according to The BBC.
"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 Li Ka-Shing Foundation said in a statement.
The initiative will especially help low-income students. In China, students from poor and rural families end up paying much higher tuition than children from affluent and urban families, at worse institutions, according to financial experts.
Ka-Sing, 90, who started out his family business empire by manufacturing plastic flowers, retired in 2018. Now Hong Kong’s richest man, he’s worth $30.4 billion.
Ka-sing’s latest effort is part of his foundation’s global philanthropic which has donated to several universities in the past and has recently supported health care initiatives, according to Bloomberg. The university donation is being compared to Robert F. Smith’ssimilar move in May when he paid off $40M of student debt for a graduating class.