Li Ka-shing. [Photo/VCG] Hong Kong billionaire Li Ka-shing announced his retirement on Friday at age 89, officially passing the infrastructure and property empire he built in the past 70 years to his eldest son, Victor Li Tzar-kuoi, as of May 10. Both CK Hutchison Holdings and CK Asset Holdings filed their statements with the Hong Kong Stock Exchange on Friday, saying that their chairman, Li Ka-shing, will retire from his position as chairman and executive director and member of the remuneration committee. The boards of the two companies have requested that Li serve as senior adviser, and he will continue to contribute on significant matters. I have decided to step down as chairman of the group and retire from the position of executive director at the forthcoming annual general meeting, he said in the statement. Victor Li Tzar-kuoi, deputy chairman of the companies, will become chairman and member of the remuneration committee while continuing as group co-managing director. Li, who has been accused of selling off mainland and Hong Kong assets, denied doing so, saying that he had not directed the proceeds of asset sales away from the mainland and Hong Kong. We have sold some assets but we are also acquiring assets. For example, we are the biggest shareholder of Beijing Oriental Plaza, one of the capital's largest and most iconic commercial complexes, he said. In the past eight years, the Hong Kong tycoon sought to trim his mainland and Hong Kong assets, with over HK$300 billion ($38.3 billion) of commercial properties and land sold in Hong Kong, Shanghai, Beijing and Guangzhou. Investors who bought a share of Cheung Kong Holdings at HK$3 per share in 1972 have seen the price surge by more than 1,500 times. Contact the writers at [email protected]rubber wristbands ukthe wristband factorycustom wristbands no minimumwristband creation
HONG KONG - Each eligible Hong Kong resident will receive a one-off hand-out of HK$4,000 (about $500) in a scheme of China's Hong Kong Special Administrative Region (SAR) government, an official said on Friday.The Caring and Sharing Scheme will involve about 2.8 million residents and a total of HK$11 billion, said Paul Chan Mo-po, financial secretary of the Hong Kong SAR government.Under the new scheme, an eligible person who does not pay salaries tax will receive HK$4,000, and one who receives tax concession will get the difference between HK$4,000 and the amount of tax concession received.Eligible people include those who hold a Hong Kong identity card, ordinarily reside in Hong Kong and have reached the age of 18 on or before Dec 31 this year.They must not own any property in Hong Kong nor receive Comprehensive Social Security Assistance payments, Old Age Allowance, Old Age Living Allowance or Disability Allowance.Chan said people who pay no tax and live in self-owned domestic properties that benefit less than HK$4,000 in rates concession, or those who pay tax but benefit less than HK$4,000 through tax and rates concession in aggregate, can also apply for the balance.Social security recipients who are set to receive extra allowance under the 2018-19 Budget can also receive the difference between HK$4,000 and the extra payments received.Secretary for Labor and Welfare Law Chi-kwong said time is needed to handle the applications. He hoped the payments can be made before next year's budget.
