How the fortunes of the richest men are distributed is becoming more of a public concern than a private preference.

At almost the same time as 30-odd billionaires in the US said "yes" to the call from Bill Gates and Warren Buffett for philanthropic donations, Li Ka-shing, the world's 14th richest person according to Forbes, said he will leave the bulk of his fortune to the Li Ka-shing Foundation. Li typically refers to the charity establishment as his "third son".

Since the foundation was established in 1980, a total of over HK$10 billion has been channeled into the philanthropic venture, with around half of the money donated in the past three years.

"I see it (the foundation) as my third son, who enjoys almost a third of my current fortune," said Li.

The tycoon promised to donate even more to the foundation in the next decade, more than the total of what the foundation has been given in the last 30 years.

But life in Hong Kong is rarely balanced. The fortunes of other people in the city have not grown as fast or as high as that of Hong Kong's richest man. Many struggle to buy tiny flats at overwhelmingly high prices.

With housing becoming more and more expensive, everybody is wondering how high the property market will go. The tycoon and his son Victor Li don't seem to be worried.

"The property market is currently performing well," Victor Li said, adding that he doesn't see a property bubble around the corner.

However, Li Ka-shing cautioned home buyers to purchase within their means.

"If you tell me you can only afford a house with 80 or 90 percent of the money coming from the bank, I will surely discourage you from buying," said Li. "One thing to keep in mind: Don't bite off more than you can chew."

The same rule applies to stock investments, he said.

China Daily

(HK Edition 08/06/2010 page3)