Hong Kong tycoon to give away HK$1 billion in business aid

Li Ka-shing insists recipients will not have to worry about debt or interest payments

Hong Kong tycoon Li Ka-shing.

Hong Kong tycoon Li Ka-shing. (AP photo)

TAIPEI (Taiwan News) – Hong Kong's wealthiest man, Li Ka-shing (李嘉誠), will spend HK$1 billion (US$127 million) in his city, but he insists there will be no need to pay him back, reports said Friday (Nov. 29).

Small businesses have already started applying for the subsidies, China Times reported. Li wants to help enterprises that have been hurt by the months of protests that have resulted in falling tourism and shrinking public consumption.

Each entity can apply to receive a maximum of HK$50,000 under the tycoon's plan. Meanwhile, vendors with a business operation license can receive up to HK$5,000.

The sums are expected to be paid out by mid-December. Li emphasized that business owners could use the money without having to worry about eventual debt or interest payments, according to China Times.