Hong Kong billionaire’s $25 million benefits St. Mike’s

For those tired of coverage of the “99 per cent,” here’s a story about a man in the top 0.000000002 per cent

CLIFF SPICER / THE CANADIAN PRESS IMAGES

Hong Kong entrepreneur and philanthropist Li Ka-shing (centre) acknowledges the applause and greetings of researchers, educators and clinicians at the new Li Ka Shing Knowledge Institute of St. Michael's Hospital on Tuesday, flanked by Premier Dalton McGuinty (left) and St. Michael's president and CEO Dr. Robert J. Howard.

By: Emily Jackson Staff Reporter, Published on Tue Oct 18 2011

Blocks away from St. James Park, where the “99 per cent” continued their protest, a billionaire in the top 0.000000002 per cent dined on white linen.

Hong Kong entrepreneur and philanthropist Li Ka-shing, the world’s 11th richest person, was occupying Toronto to celebrate the opening of an institute named in his honour at St. Michael’s Hospital.

Much like his American counterpart Warren Buffett, Li has pledged to give away one-third of his wealth through his foundation — a sharing of wealth even the protestors might deem beneficial.

Wearing a simple black suit, square glasses, a striped blue tie and a blue corsage, his style was unassuming for the richest man in both China and Hong Kong.

So was his demeanor. He was all smiles as he waved at the crowd of 200 researchers, clinicians and students who gathered to thank him for his $25 million donation to the building that brings medical research, education and clinical practice under one roof.

But a convoy of black Mercedes with tinted windows parked on the downtown hospital’s curb hinted at his extreme wealth, which Forbes pegged in March at an estimated $26 billion.

It’s no surprise security was tight. Son Victor was kidnapped in 1996.

According to Reuters, the motive was a ransom of $1 billion HK ($130 million in today’s Canadian dollars).

The self-made 83-year-old billionaire didn’t always have to worry about people after his wealth.

Born in 1928 in Chaozhou, China, Li fled to Hong Kong with his family to escape war. But the hardship continued. His father died of tuberculosis when he was 14. Li worked 16-hour days at a plastics factory to earn enough money to keep his family alive.

At 22, he started his own plastics company, Cheung Kong Holdings, which has since become the largest exporter of plastics in Hong Kong. He acquired Hutchinson Whampoa Ltd. in the 1970s and delved into real estate.

Nicknamed “Superman” by the locals for his legendary business prowess, the tycoon’s empire now stretches across 52 countries and includes operations in ports, telecom, real estate, retail, energy, hotels and technology.

Part of his domain stretches into Canada, although he still lives in Hong Kong.

“I have been friend of Canada for over 40 years now — I am certain it is a friendship that will continue long into the future,” Li said in a speech at the hospital luncheon. He was not available for questions from the media.

Not only does Li hold a majority share of the oil company Husky Energy, but his sons Victor and Richard are Canadian citizens and are active in business here.

In 2003, Victor Li even made an offer to buy Air Canada, amid questions about whether Li was “Canadian enough” to own a large part of the company. The bid eventually soured because of lengthy union negotiations.

Li’s charitable foundation has donated nearly $59 million to Canadian universities and medical organizations since 1993. He donated an additional $16 million through Husky Energy.

The Canadian chapter of Li’s foundation was established with the proceeds from the sale of Li’s CIBC shares for $1.2 billion in January 2005, according to the foundation.

Former CIBC CEO John Hunkin, who left the company in summer 2005, has sat on the board of Li’s foundation since its inception. In November of that year, the foundation announced its grant to St. Michael’s.

Hunkin, who also sits on the board of St. Michael’s foundation, said Li was looking for “great opportunities” for the Canadian branch of his foundation.

When St. Michael’s sent a proposal for the new building and research centre, it was approved.

“Mr. Li is really a global philanthropist,” Hunkin said, noting that Li is to receive a Carnegie medal of philanthropy. He is off to occupy New York, the original home of the protests.

FIVE THINGS YOU DIDN'T KNOW ABOUT ‘SUPERMAN’ LI KA-SHING

1. He is notorious for projecting a modest lifestyle — he wore a $50 Citizen wristwatch for most of the 1990s.

2. He knows CPR. He did a demonstration at St. Michael's Hospital on Tuesday.

3. His son, Richard Li, is a bit of a rebel — he and actress Isabella Leong were paparazzi favourites as they had three children outside of marriage before they split this year.

4. He bought Vancouver's Expo 86 lands for a mere $320 million in 1988. That led to a scandal when he sold condos on it to predominantly Asian buyers.

5. His son, Victor Li, vacationed in the Canadian Rockies as a teenager.