Li ka-shing's fabulous pledge to third son won't include flagship shares
Call it the Li Ka-shing style of philanthropy. Asia's richest tycoon yesterday promised to give away one-third of his wealth to his charity, which he often refers to as his third son, and is ready to open his cheque book for a HK$10 billion commitment.
Giving away a substantial part of one's wealth isn't easy in Chinese culture but we believe Mr Li can share the joy of the world's richest people, Bill Gates and Warren Buffett who have vowed to give away large chunks of their wealth in stages.
Mr Li's wealth is tough to calculate; he controls listed companies that are worth nearly HK$1 trillion while his private interest in Cheung Kong (Holdings) and Husky Energy alone is worth almost HK$150 billion. So it is fair to assume his charity commitment will be more than HK$50 billion.
His 26-year-old charity arm, Li Ka-shing Foundation, owns cash and shares in companies such as Bank of China. Occasionally he injects non-core assets into his fund which has so far donated HK$8 billion.
Stocks he will not give away are his flagship shares. 'If I am like Buffett and if I need to sell my stocks in Cheung Kong, Hutchison and Husky, I am afraid there won't be any press conferences,' joked Mr Li.