Is Li Ka-shing on the Billionaires' Charity Bandwagon?

http://cn.wsj.com/gb/20100806/wrt114708_ENversion.shtml

 

Bill Gates and Warren Buffett corralled some big names when they released a list of 40 rich donors who pledged to give more than half of their fortunes to charity. But the list was underweight in one area: billionaires outside the U.S.

So the question was a natural one for Li Ka-shing, the Hong Kong billionaire who ranks as one of the richest men in Asia as well as the world. Mr. Li is already a pioneer in this area: In recent years he pledged a third of his wealth to his Li Ka Shing Foundation, which supports Chinese colleges and other causes and was among the first major charitable endeavors of Asia's new ultrawealthy class.

Appearing at the earnings presentation for his Hong Kong conglomerate, Hutchison Whampoa, the 82-year-old Mr. Li dodged a question about the Gates-Buffett list by saying he is still healthy and well. He then repeated his oft-used phrase that his eponymous foundation is like his third child.

He added that the foundation has donated 5.3 billion Hong Kong dollars - roughly $678 million - since 2008. Since it was founded in 1980, the foundation has donated more than HK$10 billion, with either he or one of his directors taking an active role in managing around 80% to 90% of the foundation's charitable projects.

'Over the last 30 years, my foundation has given out more than HK$10 billion,' he said. 'In the next 10 years I believe my foundation will donate more than that amount.'

Yvonne Lee