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Hong Kong Tycoon Plans Foundation to Aid China

April 08, 1985|From Reuters

PEKING — Hong Kong tycoon Henry Fok said Sunday that he would start a foundation with $130 million to help develop China, the New China News Agency said.

Fok, a member of China's national political advisory body CPPCC, said the annual proceeds from the foundation would go to such projects as gymnasiums and hospitals and to finance overseas scholarships.

Fok, head of the Hong Kong Chinese General Chamber of Commerce, was one of the first to invest in the People's Republic of China when it began to reopen to the outside world in 1979.

Britain has agreed to return Hong Kong to Chinese control in 1997.

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