Billionaires respond to critics of their cash for US scholarships
Print Edition
A CHINESE billionaire couple’s US$10 million gift to Yale University has sparked an online debate, with many people arguing the money would be better spent on schools in China.
The endowment marks the latest gift to a prestigious US university by Pan Shiyi and Zhang Xin, the husband-and-wife team behind real estate giant SOHO China.
In July, the couple gave Harvard University US$15 million in the first stage of a US$100 million program that Pan and Zhang say will fund disadvantaged Chinese students at top institutions across the world.
“Every person’s potential is like a hidden gem, and education is the tool that unlocks human potential,” Pan said in a statement announcing the Yale gift.
“The SOHO China Scholarships aim to provide the best possible educational opportunities to the most outstanding students from China’s mainland, enabling them to maximise their potential in their contribution to mankind,” he added.
But the reaction online was largely negative, with many people criticising the couple for not giving the money to domestic institutions.
“They’re rushing to give money to foreigners, but what about all the poor children in China’s mountainous areas?” was one comment.
“Isn’t Pan just buying an ‘entrance ticket’ for his son to attend an elite university abroad?” was another.
However, there was some support for the couple.
“The same patriotic commenters who are yelling that this is ‘the people’s money’ are actually making no contribution of their own to society,” one Sina Weibo user wrote.
Pan is not only one of China’s wealthiest people but also one of the country’s most-celebrated “Big V” bloggers, with more than 17 million followers on Sina Weibo, at times drawing attention from the authorities.
China is the largest single source country for international students in the United States, providing more than a quarter of all foreign students, according to the US-based Institute of International Education.
Many of them are funded by their families, but Zhang and Pan say their scholarships are aimed at helping Chinese less well off.
“If you get in to Yale, you do not have to worry about the financial burden, the SOHO China Scholarships will help provide you with financial aid,” Zhang said.
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