White Collar | Hong Kong’s market rally has brought out the best in people
The Community Chest saw all its public-donation campaigns grow, some faster than the benchmark Hang Seng Index rally
Christmas is a time when we tend to think about giving. So here is a festive review of how the stock market rally is not only helping brokers reap bigger bonuses, but also seems to be encouraging Hong Kong people to give away more to good causes.
The Community Chest, Hong Kong’s largest charity body, has seen all its fundraising programmes that rely on public donations grow strongly this year, according to its chief executive Cecilia Li Wing-yin.
This included the annual “Community for the Chest” television show in May, which raised HK$3.8 million through its public donation telephone hotline, up 36 per cent from HK$2.8 million a year earlier.
That just beats the benchmark Hang Seng Index, which has rallied 33 per cent this year.
The charity also collected HK$3.8 million between April and December by selling flags on the street, a 6 per cent rise from the same period a year earlier.
Even charity mooncakes have been selling like … well, hot cakes. The amount raised from mooncake sales ahead of the Mid-Autumn Festival rose 10 per cent year on year to HK$1 million.
“We have seen Hong Kong people being more generous in their donations this year. This may be because they’re earning good money from the stock market rally and improved economic sentiment,” Li said.