Li Ka-shing, one of the world’s top billionaires and Hong Kong’s richest man, just announced that the foundation named after himself is set to make generous annual donations that will cover students’ tuition fees over the next four years.
In a Weibo post on Sunday, Shantou University in Guangdong Province, China announced that Li, through his Li Ka-shing Foundation, is set to provide up to 100 million yuan ($14.4 million) annual donations to the university that will fully cover tuition fees of undergrads from 2019 to 2022, according to Shanghaiist.
Li helped found Shantou University in 1981 as a public school that is sponsored by his foundation.
The 90-year-old billionaire with an estimate net worth of $30.1 billion, which makes him the world’s 29th richest person, retired last March and handed down his business empire to his son. Li plans to devote his time and energy towards philanthropy.
“Empathy and generosity are a choice. It brings you joy and a sense of fulfillment. It unites us to achieve a bigger dream,” Li said in his “farewell speech” in front of the graduates at the graduation ceremony at Shantou University last year.
Featured image screenshot via YouTube / South China Morning Post