Hong Kong billionaire Li Ka-Shing to pay 5 years' tuition for incoming class

Li Ka-Shing, the richest man in Hong Kong, announced on June 16 that his foundation will cover the entire cost of the tuition for Shantou University's incoming class for up to five years.

The pledge will cost him $14.4 million a year, according to the BBC.

Li's announcement comes a month after American billionaire Robert F. Smith pledged to pay off the Morehouse College class of 2019's student loans and a year after The Home Depot co-founder Ken Langone began paying the tuition of every student at NYU's medical school.

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Shantou University's incoming class won't have to pay a cent in tuition thanks to Hong Kong billionaire Li Ka-Shing.

The Li Ka-Shing Foundation announced June 16 that it will cover the class' tuition for up to five years as a part of an ongoing initiative to make higher education more accessible in China.

Sometimes called “Superman,” the 90-year-old billionaire has a net worth of $30.4 billion, according to Forbes, making him the wealthiest man in Hong Kong. Li, who was born in China but moved to Hong Kong in 1940 to escape a Japanese invasion, began his career as a factory worker. He built his fortune as a real-estate developer and major investor in port operator and cell phone carrier CK Hutchison Holdings. Li retired from the conglomerate in May 2018, but still serves as a senior advisor.

Read more: Hong Kong's richest man retired at 89 years old — here's his incredible rags-to-riches life story

This is not the first time Li has worked with Shantou University. He served as the school's honorary president before passing the torch to his son Richard Li Tzar Kai in June 2018. The school currently has 10,056 undergraduates, who are each charged $8,690 for tuition according to its website.

“The Foundation hopes this scheme can alleviate financial burdens for families and encourage the pursuit of personal interests and further learning to better prepare graduates for the challenges of an increasingly complex global economy,” the Li Ka Shing Foundation said in a statement.

Li's announcement comes a month after American billionaire Robert F. Smith pledged to pay off the student loans of all 400 members of Morehouse College's class of 2019. Last year, The Home Depot co-founder Ken Langone pledged to pay the tuition of every student at New York University's medical school.