Li Ka-shing Fund Unveils HK$200mn Aid For Eateries

Small caterers with a staff of fewer than 50 people will be eligible to receive HK$60,000 each from the Li Ka-shing Foundation.

That's part of the tycoon's earlier plan to donate HK$1 billion to help small-to-medium sized businesses struggling to recover from months of political and economic unrest.

The foundation said it has allocated HK$200 million to help the catering industry, adding that eligible caterers will be able to receive the money before the end of next month.

It said the catering sector was chosen as the first sector to benefit as they have been hit hard and "their revenue dropped by approximately 30 percent, and about 200 outlets have since shut down and their employees dismissed".

It said the details of the plan will be announced on November 8 and applications received till November 17.

The foundation also said it is in talks with retail sector and a plan for them will be announced soon.

The Secretary for Commerce and Economic Development, Edward Yau, said the government welcomes the "simple and direct" initiative.

“I am glad to hear an actual plan that would provide funding relief for certain hard-pressed sectors like the restaurant industry. This is timely and also the spirit and arrangement are quite similar to the recent economic relief package we introduced for, say, the tourism industry through simple methods and direct cash relief”, he said.