On July 25, a charitable plan totaling 6 billion yuan (almost $889 million) was declared by He Xiangjian, founder and chairman of Midea Group, a Chinese electrical appliance manufacturer.

The plan includes 100 million yuan of Midea stock and a 2 billion yuan cash donation. The money will be used to establish a charitable trust. In addition, it will also support the development of many fields, such as targeted poverty alleviation, education, health care, elderly-care services, entrepreneurship, and culture.

He spent nearly three years preparing the donation plan.

He established the He Xiangjian Foundation in December 2013 after he turned over Midea Group operations to a professional management team. Before then he had started developing a personal philanthropy plan.

His son He Jianfeng, chairman of the foundation, said that value systems are the best heritage, and merit is the most precious treasure.

Recalling his business development, He attributed his personal wealth to reform and opening up, national policies, and support from the government. He said that it is his responsibility to establish the foundation, and charity is his obligation.