Philanthropist Yu honored again
By Lu Feiran |
April 23, 2010, Friday
|
Print Edition
Print Edition
THE Hong-Kong based Yu Panglin Foundation has become the first billion-dollar philanthropic organization in China.
Founder Yu, 88, topped the Hurun Philanthropy List again this year, the Hurun Research Institute said yesterday.
The real estate tycoon announced that he had donated his remaining fortune of US$470 million in cash and property assets to the foundation, bringing the value of the fund to US$1.2 billion.
"This will be my last donation," said Yu. "I have nothing more to give."
Yu said he would never leave such an amount to his children because they should make their own way.
Plus, that amount of money would do more harm than good, he said.
Yu has topped the list for five straight years and his donations mainly go to health causes. The foundation has funded more than 150,000 cataract-removal operations across China.
Second on the 2010 list is 59-year-old Huang Rulun from Fujian Province, director of Century Resources Group, who donated US$315 million last year.
Chen Fashu, 50, also from Fujian, occupied third position after donating US$100 million last year.
Chen, director of New Huadu Industrial Co Ltd, has pledged the value of his shares in Zijing Mining and Tsingtao Brewery to form a foundation.
The institute said the average donation involved about 6 percent of the accumulated fortunes of the entrepreneurs listed on the Hurun Rich List in 2009.
Except for Yu and Huang, the mean contribution was about 3 percent.
"Three percent is not small," said Rupert Hoogewerf, co-creator of the list. "I think they do well if they donate 1 percent of their property every year."
The top 50 on the list donated US$1.2 billion last year, eight times the average of the first Philanthropy List in 2004.
Education, disaster relief and health care have been the main causes of China's top philanthropists.
They have been building schools in rural areas and donating to disaster relief, most recently for Yushu quake relief.
A respected sociologist said although Chinese firms were now more generous, they still had a long way to go to catch up with multi-national corporations.
"Most Chinese 'moneybags' accumulate a great fortune in a short period," said Fan Lizhu, associate dean of the School for Social Development and Public Policy of Fudan University. "They should learn from big corporations in developed countries and develop their sense of social responsibilityin a mature manner."
Founder Yu, 88, topped the Hurun Philanthropy List again this year, the Hurun Research Institute said yesterday.
The real estate tycoon announced that he had donated his remaining fortune of US$470 million in cash and property assets to the foundation, bringing the value of the fund to US$1.2 billion.
"This will be my last donation," said Yu. "I have nothing more to give."
Yu said he would never leave such an amount to his children because they should make their own way.
Plus, that amount of money would do more harm than good, he said.
Yu has topped the list for five straight years and his donations mainly go to health causes. The foundation has funded more than 150,000 cataract-removal operations across China.
Second on the 2010 list is 59-year-old Huang Rulun from Fujian Province, director of Century Resources Group, who donated US$315 million last year.
Chen Fashu, 50, also from Fujian, occupied third position after donating US$100 million last year.
Chen, director of New Huadu Industrial Co Ltd, has pledged the value of his shares in Zijing Mining and Tsingtao Brewery to form a foundation.
The institute said the average donation involved about 6 percent of the accumulated fortunes of the entrepreneurs listed on the Hurun Rich List in 2009.
Except for Yu and Huang, the mean contribution was about 3 percent.
"Three percent is not small," said Rupert Hoogewerf, co-creator of the list. "I think they do well if they donate 1 percent of their property every year."
The top 50 on the list donated US$1.2 billion last year, eight times the average of the first Philanthropy List in 2004.
Education, disaster relief and health care have been the main causes of China's top philanthropists.
They have been building schools in rural areas and donating to disaster relief, most recently for Yushu quake relief.
A respected sociologist said although Chinese firms were now more generous, they still had a long way to go to catch up with multi-national corporations.
"Most Chinese 'moneybags' accumulate a great fortune in a short period," said Fan Lizhu, associate dean of the School for Social Development and Public Policy of Fudan University. "They should learn from big corporations in developed countries and develop their sense of social responsibilityin a mature manner."
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