More info from the Globe:
Li donates $25-million for research unit
Toronto hospital, U of T to benefit from largesse of Asian billionaire
By KAREN HOWLETT
Thursday, December 1, 2005 Page A19
Hong Kong billionaire Li Ka-shing has donated $25-million to Toronto's St. Michael's Hospital to help it set up a medical research institute.
The donation from Mr. Li, one of Asia's richest and most influential businessmen, is the single largest gift the hospital has received, St. Michael's chief executive officer Jeffrey Lozon said at a news conference yesterday.
"This is a historic day for our organization," said Mr. Lozon, who was flanked by Ontario Premier Dalton McGuinty and Toronto Mayor David Miller for the announcement.
The hospital will put the funds toward building a new research centre named in Mr. Li's honour. The Li Ka-shing Knowledge Institute, in collaboration with the University of Toronto, will be a world centre of research, Mr. Lozon said.
The centre, to be located in downtown Toronto, will cost a total of $115-million to build and is expected to be completed in 2009. Including the money from Mr. Li, the hospital has raised $59-million.
Mr. McGuinty met with Mr. Li in November while on a trade mission in China and Hong Kong. He described the hour-long meeting in the 77-year-old reclusive businessman's office overlooking the Hong Kong harbour as one of the highlights of his 11-day trip.
"I didn't really know what to make of this guy," Mr. McGuinty said. "But I soon discovered that Mr. Li is doing much more than just doing well. . . . He's also doing a lot of good."
Mr. Li is no stranger to Canada. Until last January, he was the largest individual investor in the Canadian Imperial Bank of Commerce. He created a private foundation in Canada with a portion of the $1.2-billion in proceeds he received on the sale of his stake in CIBC. The donation to St. Michael's was made through the foundation. Mr. Li also controls Husky Energy Inc. of Calgary.
Mr. Lozon said the institute will act as an incubator for putting into practice knowledge developed in the centre. Staff will also collaborate with two other universities that have received grants from Mr. Li to do research into avian flu: Shantou University in mainland China and the University of Hong Kong.
Mr. Lozon described Shantou University as a world leader in the field.
Mr. Li has donated money to six research institutions around the world, including the Shantou and Hong Kong universities as well as the University of Cambridge and the University of California at Berkeley. St. Michael's is the first hospital in Canada to receive a donation.
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$115 Million? The budget is about $10M higher than CCBR, which is of approximately the same square footage.
GB