BEIJING: In a rare decision for Chinese tycoons, Mr Chen Guangbiao said he is willing to donate all his wealth after he dies, in support of the Giving Pledge campaign initiated by Mr Bill Gates and Mr Warren Buffett.
His move came amid reports that some wealthy Chinese have shunned a private gathering with Mr Gates and Mr Buffett in Beijing later this month, out of fear that they may be seduced into giving up part of their fortunes.
Investment giant Buffett and Microsoft founder Gates announced in June that they are asking hundreds of billionaire Americans to give away at least 50 per cent of their wealth to charity during their lifetime or after their death.
Having persuaded at least 40 of their billionaire peers in the United States into giving away chunks of money, the two men are travelling to China this month to host a dinner for newly minted Chinese tycoons to sell them on the value of philanthropy, the Financial Times reported.
Mr Chen, in a 1,090-word letter to Mr Gates and Mr Buffett published on his company's website, said he was motivated to make the pledge after he learnt that some Chinese tycoons have turned down the invitation to the banquet which the pair will host in Beijing on Sept 29.
'It's a noble and great move to return your fortune to the world when you are about to leave. Shameful, if you die with it,' Mr Chen wrote in his letter.
'So I will donate all my property to philanthropy instead of just half of it when I leave,' he said.
Mr Chen, 42, a Jiangsu native, founded Huangpu Investment and made his fortune from recycling and renewable resources.
With assets worth US$440 million (S$592 million), he was ranked No. 340 on the 2009 Hurun Rich List. But he secured the fourth spot on the 2010 Hurun Philanthropy List.
Mr Chen has so far donated some 1.34 billion yuan (S$266 million) to various causes, including health care, social welfare and education.
Within two hours of the 2008 Sichuan earthquake, Mr Chen had gathered a rescue team of more than 120 people and 60 excavators and hoists. He also arranged rescue teams to go to Yushu, in Qinghai province, after the quake there in April this year. And late last month, he donated onemillion yuan to Pakistani flood victims.
CHINA DAILY/ASIA NEWS NETWORK
Nice to know that such generosity exist today, we need more like him around thats for sure
His move came amid reports that some wealthy Chinese have shunned a private gathering with Mr Gates and Mr Buffett in Beijing later this month, out of fear that they may be seduced into giving up part of their fortunes.
Investment giant Buffett and Microsoft founder Gates announced in June that they are asking hundreds of billionaire Americans to give away at least 50 per cent of their wealth to charity during their lifetime or after their death.
Having persuaded at least 40 of their billionaire peers in the United States into giving away chunks of money, the two men are travelling to China this month to host a dinner for newly minted Chinese tycoons to sell them on the value of philanthropy, the Financial Times reported.
Mr Chen, in a 1,090-word letter to Mr Gates and Mr Buffett published on his company's website, said he was motivated to make the pledge after he learnt that some Chinese tycoons have turned down the invitation to the banquet which the pair will host in Beijing on Sept 29.
'It's a noble and great move to return your fortune to the world when you are about to leave. Shameful, if you die with it,' Mr Chen wrote in his letter.
'So I will donate all my property to philanthropy instead of just half of it when I leave,' he said.
Mr Chen, 42, a Jiangsu native, founded Huangpu Investment and made his fortune from recycling and renewable resources.
With assets worth US$440 million (S$592 million), he was ranked No. 340 on the 2009 Hurun Rich List. But he secured the fourth spot on the 2010 Hurun Philanthropy List.
Mr Chen has so far donated some 1.34 billion yuan (S$266 million) to various causes, including health care, social welfare and education.
Within two hours of the 2008 Sichuan earthquake, Mr Chen had gathered a rescue team of more than 120 people and 60 excavators and hoists. He also arranged rescue teams to go to Yushu, in Qinghai province, after the quake there in April this year. And late last month, he donated onemillion yuan to Pakistani flood victims.
CHINA DAILY/ASIA NEWS NETWORK
Nice to know that such generosity exist today, we need more like him around thats for sure
