Billionaire to donate fortune

08:58, September 07, 2010      

Email | Print | Subscribe | Comments | Forum 


Chen Guangbiao is a famous entrepreneur and philanthropist.

A well-known Chinese entrepreneur and philanthropist has pledged to donate his entire fortune to charity after his death, becoming the first in China to respond to the campaign launched in the US by Bill Gates and Warren Buffett, who will soon visit China to advocate philanthropy.

Chen Guangbiao, chairman of Jiangsu Huangpu Renewable Resources Utilization, said in an open letter to Gates and Buffett posted on his company website on Sunday that he would donate his entire fortune of more than five billion yuan ($735 million) to charity when he dies in response to the duo's call for the wealthy to make charity pledges.

Since they launched the Giving Pledge Campaign this June, Gates, the founder of Microsoft and the Bill &Melinda Gates Foundation, and Buffett, an investment baron, have so far successfully convinced 40 US billionaires to donate at least half of their wealth, worth as much as $125 billion, to charity.

The moguls are scheduled to travel to China in late September for a philanthropic gathering with the Chinese super-rich. Fifty Chinese, including Chen, are reported to have received an invitation to a banquet during the pair's visit to Beijing on Sept 29.

In his open letter, 42-year-old Chen said he was "greatly moved" by the duo's commitment to charity and "pleased to accept the invitation". He also said it would be a "glory" to return his entire fortune to society after he dies and that it is a "shame" to die hoarding wealth.

He said his decision to part with his fortune was intended to serve as a "gift" to the magnates during their trip to China.

Chen's announcement has come amid the widespread belief that many of the Chinese billionaires who have been invited to the banquet are reluctant to accept the invitation out of concern over being lobbied to make charity promises.

Ye Lei, the Chinese director of the Bill &Melinda Gates Foundation, last week denied the rumor that the duo aims to persuade Chinese billionaires to part with their hard-earned fortunes.

Chen ranked on top of the 2010 China Charity List released by the China Association of Social Workers this April to honor individuals and companies who have made extraordinary contributions to charity.

Well acclaimed for his generosity and bravery, Chen organized the first non-governmental rescue team for Wenchuan county, Southwest China's Sichuan province, two hours after the 8-magnitude earthquake in 2008. He also arranged rescue teams for Yushu after a quake struck there in April.

Over the past 10 years, the philanthropist said he had donated 1.34 billion yuan to charitable causes, benefiting more than 700,000 people.

Donations from China's wealthiest have been on the rise. The 2010 Hurun Philanthropy List, also released in April, showed that the country's top 100 philanthropists gave away an average of 229 million yuan each over the past five years, or 6 percent of their wealth, a 4 percent increase over last year.

Source: China Daily(By Qian Yanfeng)

(Editor:王寒露)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Dancers from National Ballet Troupe of Spain perform during a rehearsal for the press at Taipei, southeast China's Taiwan, Sept. 29, 2011. The troupe will put on Dualia and La Leyenda, two folk dances here from Sept. 30 to Oct. 2. (Xinhua/Wu Ching-teng)
  • Dancers from National Ballet of Spain perform during a rehearsal for the press at Taipei, southeast China's Taiwan, Sept. 29, 2011. The troupe will put on Dualia and La Leyenda, two folk dances here from Sept. 30 to Oct. 2. (Xinhua/Wu Ching-teng)
  • Players of Iran throw up their coach Velasco Julio during the awarding ceremony at the 16th Asian Men's Volleyball Championship in Tehran, capital of Iran, Sept. 29, 2011. Iran won the champion after beating China 3-1 in the final on Thursday. (Xinhua/Ahmad Halabisaz)
  • Greek artists burn copies of emergency tax notices during a protest against austerity measures in Athens, Greece, on Sept. 29, 2011. The Greek government is facing a new wave of protests as it introduces new austerity measures to obtain the sixth tranche of aids necessary to overcome the acute debt crisis.(Xinhua/Marios Lolos)
  • A winner of the 36th Miss Bikini International 2011 poses for a photo at the Olympic Sailing Center in Qingdao, a coastal city of east China's Shandong Province, Sept. 29, 2011. (Xinhua/Chen Jianli)
  • Staff members are in position at Beijing Aerospace Control Center in Beijing, capital of China, Sept. 29, 2011. Commander-in-chief of China's manned space program Chang Wanquan announced Thursday night that the launch of Tiangong-1 space lab module was successful. (Xinhua/Rao Aimin)
Hot Forum Discussion