Hong Kong Palace Museum

Hong Kong Palace Museum

Hong Kong Palace Museum

In view of the public discussion about the proposed Hong Kong Palace Museum (“HKPM”), The Hong Kong Jockey Club (the “Club”) wishes to make the following statement:

The Club, through its Charities Trust (the “Trust”), agreed to fund the capital cost of the proposed project because it is a unique and meaningful arts and culture project that will benefit the people of Hong Kong. The Trust’s donation is consistent with its long-standing policy of supporting arts and culture, which is one way in which it contributes to the betterment of Hong Kong. The Trust wishes to make it clear that the funding for this project is a special donation to commemorate the 20th Anniversary of the Establishment of the HKSAR and will not affect the Trust’s regular charities contributions to the community. The Club remains fully committed to supporting Hong Kong’s broad range of community needs, both now and in the future. Based on current business projections, it is expected that annual donations to the community in the coming years will continue at a similar level as in the last few years; that is between HK$3.6 billion and HK$3.9 billion.

The Club has a well-established and stringent process to screen and evaluate donation applications. A due diligence exercise is always conducted and funding is approved based on the merits of the project under consideration. The HKPM is no exception.

The Hong Kong Jockey Club

The Hong Kong Jockey Club is a not-for-profit enterprise dedicated to community betterment. Through its integrated business model of world-class racing, responsible sports wagering and lottery, and charity and community contribution, the Club generates substantial economic and social value and assists the Government in combatting illegal gambling. In 2015/16 the Club donated a record HK$3.9 billion to charity and paid a record HK$20.9 billion in tax. It is Hong Kong’s largest single tax payer and one of the world’s largest charity donors. Committed to global excellence and giving back to society, the Club is always “riding high together for a better future” with the people of Hong Kong.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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