Billionaire Lee Shau-kee has indicated that he will donate more land if satisfactory proposals come his away, with the tycoon looking to step up his charitable activities.
Taking to Hong Kong reporters, Lee said any land donation will depend on various factors, particularly the transportation and infrastructure situation in the area, Singtao Daily reported Thursday.
Lee, the chairman of property developer Henderson Land, said he had earlier wanted to donate a total of seven sites, but could only make two donations as there were some unresolved problems with regard to infrastructure at some locations.
Last year the tycoon donated two sites — one at Lam Tei in Tuen Mun and the other at Ma Tin Pok in Yuen Long. The Tuen Mun property has been approved by the government for development into an elderly home while the Yuen Long site is close to getting approval for construction of a youth hostel.
Lee agreed earlier this year to donate some land at Tai Hang Sai Estate in Kowloon’s Sham Shui Po district to help build private and public-owned homes. He said the donation plan has been approved by other directors in Henderson Land but no development plan has been confirmed yet.
Since the beginning of this year, Lee has been buying more shares of Henderson Land, and also those of Sun Hung Kai Properties where he serves as vice chairman. He justified his share purchases by saying that property stocks are still undervalued by as much as 50-60 percent compared to their real values.
He will keep adding to his equity holdings as long as such discount exists, he said.
Lee, who is already over 80 years in age, said he wishes to continue working for another five to ten years. There is no preset timetable for retirement, he said, adding that it will depend on his health condition.
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