In the late 1980s, there was growing anticipation of a strong demand for university graduates to fuel an economy increasingly based on services. In response, the Club donated over HK$1.9 billion for the construction of the city’s third university, the Hong Kong University of Science of and Technology (HKUST) between 1987 and 1992. In subsequent years, other donations were made for various projects, including establishing the Jockey Club Institute for Advanced Study in 2013. The total amount donated now stands at more than HK$2.5 billion.