In an odd twist of fate, even as I wrote this morning about the ridiculous scenario in which liberal Canada donates $64 million per year to feed socialist China’s poor and malnourished even though China is about ready to become the world’s economic superpower thanks to its adoption of capitalism, the story arises as if like magic about Hong Kong (that’s China!) billionaire Li Ka Shing, who sees a need in Canada to help that nation feed its poor and malnourished.
Li of course made all his money through capitalist pursuits. That’s why he lives in Hong Kong, not Vancouver, which is being led by a capitalist-unfriendly neo-communist council and its mayor, Larry Campbell (who during the last election called conservatives “barbarians”. Again: “barbarians”).
This story will be printed and broadcast all over the world due to the shear enormity of the dollars involved. I found it in the left-wing Toronto Star, which must surely be embarrassed by all this capitalist largesse in their socialist country.
Tycoon to create $1.2B charity
Hong Kong tycoon selling CIBC stake
Money to help less fortunate CanadiansHong Kong billionaire Li Ka Shing, who began his working life as a refugee sweeping factory floors, plans to set up Canada’s second-largest charitable foundation worth up to $1.2 billion dedicated to helping the country’s less fortunate.
“It is an honour to have the opportunity to establish the Li Ka Shing (Canada) Foundation in recognition of the warm welcome Canada has extended to me and to our group of companies over the years,” Li said yesterday in a statement from Hong Kong.
[…] Li will raise the money by selling his long-held 4.9 per cent stake in the Canadian Imperial Bank of Commerce. At yesterday’s close of $71.17, Li’s 17 million CIBC shares are worth about $1.2 billion.
The 75-year-old Li said the Toronto-based foundation will spend all of its income each year “in pursuit of charitable objectives, which include education, medical care, the relief of poverty, and cultural and religious causes.” […]
PTBC was founded by Mr. Johannesen in 2000.
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