Social networking site Facebook will receive $60 million from Li Ka-shing, the chairman of Cheung Kong (Holdings) Limited and Hutchison Whampoa Limited, according to reports.

Kara Swisher, a Wall Street Journal reporter, posted an official blog reporting that Li Ka-shing is not making the investment through his company, but instead through another investment vehicle.

The deal with Li came through a Facebook investor, who introduced the company to Solina Chau, director of the Li Ka-shing Foundation, the entry said.

Li Ka-shing is the richest person of Chinese descent in the world, one of the richest and most influential investors in Asia. From humble beginnings, the 79-year old has built a conglomerate with over 250,000 employees worldwide.

The deal follows a recent $240 million investment by Microsoft which gave Facebook a $15 billion valuation.