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Chun Wo Development Holdings CompanyDerrick Pang has withdrawn scholarship funding from the University of Hong Kong in light of the “radical” and “illegal” Occupy Central protests.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

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Share your thoughts with Mr Pang at: [email protected] For enquires about sponsoring students through scholarships, click here – or make a simple, direct donation to HKU here.

[Full disclosure: HongWrong is a student at HKU]

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

  • Art

    ‘Occupy Central has divided society’, I think not. Instead society has been divided by those who are the nominal representatives of our city, yet lack the courage or the integrity to speak to Beijing on behalf of our city and instead misrepresent the wishes of the citizens of Hong Kong to Beijing.

  • BigD

    So wait…let me get this straight. His company makes over 6bill in revenue last year. And his contribution to HK’s democracy movement is to cancel 20K of bursaries? LOL….thats not generosity, that’s being a penny-pinching miser! What a dick!