Chun Wo Development Holdings Company has withdrawn scholarship funding from the University of Hong Kong in light of the “radical” and “illegal” Occupy Central protests.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.
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.
[Full disclosure: HongWrong is a student at HKU]