Update | Tycoon Lui Che-woo launches HK$60 million prize for contributors to ‘world civilisation’ with heavyweight council
Property and casino mogul announces annual prizes, among the world's richest, to reward outstanding contributions to 'world civilisation'
Hong Kong property tycoon and casino owner Lui Che-woo yesterday launched a HK$60 million annual award, named after himself, to honour people who contribute to "world civilisation".
A cash award of HK$20 million - one of the world's richest - awaits the laureate in each of three categories, which will change focus each year, in the Lui Che Woo Prize. They will also receive a certificate and a trophy.
The prize money is much higher than that of the Nobel Prize and the Shaw Prize, set up by the late entertainment mogul Run Run Shaw in 2002.
I believe besides technology, we should emphasise the eco-system, the civilisation and the respect of others
Lui's prize was launched on the same day as the Shaw Prize announced its awardees this year. One of Hong Kong's richest men, Lui has raised the bar for tycoons leaving this kind of legacy.
The K Wah Group chairman, who has been expanding his Macau casino empire Galaxy Entertainment Group, seeks to recognise outstanding international individuals or organisations, with HK$2 billion set aside for the prize's operation.
"I believe besides technology, we should emphasise the eco-system, the civilisation and the respect of others," said Lui, 86. "I hope the [younger] generation can gradually understand how to [set aside] differences and enjoy the world."
He did not comment on whether the prize came as a response to the pro-democracy Occupy movement, which many pro-establishment figures have criticised as dividing and damaging Hong Kong. Instead, Lui said the prize would not take sides.
The first winners will be picked next year.
