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February 20, 2009
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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Copyright © 2009 The Chronicle of Philanthropy
I just got back from a trip in China and there’s good momentum for philanthropy – but China will need to address many of the structural challenges (laws, governance structure, infrastructure) of developing a healthy civil society before philanthropy plays a larger role.
— Tony Wang Feb 20, 01:43 PM #