HK businessman to establish space development fund

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Last updated at: (Beijing Time) Sunday, November 02, 2003

HK businessman to establish space development fund

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Tsang Hin-Chi, chairman of Hong Kong Chinese General Chamber of Commerce, has announced that he has decided to donate 100 million Hong Kong dollars (12.88 million US dollars) for establishing "Tsang Hin-Chi Space Development Fund."

He made the remarks at a banquet held Saturday night in honor of China's first astronaut Yang Liwei and the visiting delegation of China's first manned space mission.

He said the fund is to be established for rewarding outstanding space experts and astronauts, and helping advance the development of China's space industry.

Tsang handed over first 5-million-HK-dollar (644,329 US dollars) check to Yang Liwei at the banquet.

Tsang said, of the 5 million HK dollars, 1 million HK dollars (128,865 US dollars) will be offered to reward Yang Liwei and the other 4 million HK dollars (515,463 US dollars) will be given to all scientists participating in the development of China's first manned spacecraft "Shenzhou 5."

Yang Liwei said he will submit the donated money to the state for further development of China's space industry.

Tsang said he is eager to do something for the motherland's fostering. The establishment of the fund is his and his family's expression of esteem for the space heroes and confidence that China will be more powerful and prosperous.

Tsang had earlier donated over 700 million HK dollars (90.2 million US dollar) for promotion of the mainland's education, sports and cultural development.

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