Daily Archives: October 11, 2014

BLOG – Derrick Pang of Chun Wo Development Cancels HKU Funds Over Occupy 5

Chun Wo Development Holdings CompanyDerrick Pang has withdrawn scholarship funding from the University of Hong Kong in light of the “radical” and “illegal” Occupy Central protests.

A letter from deputy chairman Derrick Pang to HKU’s vice-chancellor stated that the movement will “destroy our sound and effectual law system” and that the company would therefore be cancelling its two HK$10,000 bursaries (worth HK$880 per month).

Chun Wo Development is a multi-million dollar construction company founded in 1968. Its revenue last year totalled HK$6.55 billion.

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The letter wrongly states that the movement has “ruined the prosperity of Hong Kong“. In fact, tourism is up 4.83% since this time last year and the government has repeatedly published press releases stating that the stock market, banking system and currency exchange are operating normally.