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February 20, 2009, 12:43 PM ET
Glass Tycoon Set to Become China's Biggest Philanthropist
Chinese officials say one of the country’s richest men intends to give most of his fortune to charity, Agence France-Presse reports.
Cao Dewang, 63, will donate 70 percent of his shares in the Fuyao Glass Industry Group, worth 4.1-billion yuan ($600-million), to establish a philanthropic foundation, the Chinese Securities Regulatory Commission said. If approved by authorities, the move would make Mr. Cao China’s biggest philanthropic entrepreneur, topping the real-estate mogul Yu Pengnian.
The Chinese news media have suggested that Mr. Cao was following the example of Bill Gates, who announced last month that he would start a campaign to encourage philanthropy among wealthy Chinese.
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