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Billionaire to donate fortune

[ 2010-09-07 11:51]     字号 [] [] []  
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A well-known Chinese entrepreneur and philanthropist has pledged to donate his entire fortune to charity after his death, becoming the first in China to respond to the campaign launched in the US by Bill Gates and Warren Buffett, who will soon visit China to advocate philanthropy.

Chen Guangbiao, chairman of Jiangsu Huangpu Renewable Resources Utilization, said in an open letter to Gates and Buffett posted on his company website on Sunday that he would donate his entire fortune of more than five billion yuan ($735 million) to charity when he dies in response to the duo's call for the wealthy to make charity pledges.

Since they launched the Giving Pledge Campaign this June, Gates, the founder of Microsoft and the Bill & Melinda Gates Foundation, and Buffett, an investment baron, have so far successfully convinced 40 US billionaires to donate at least half of their wealth, worth as much as $125 billion, to charity.

The moguls are scheduled to travel to China in late September for a philanthropic gathering with the Chinese super-rich. Fifty Chinese, including Chen, are reported to have received an invitation to a banquet during the pair's visit to Beijing on Sept 29.

In his open letter, 42-year-old Chen said he was "greatly moved" by the duo's commitment to charity and "pleased to accept the invitation". He also said it would be a "glory" to return his entire fortune to society after he dies and that it is a "shame" to die hoarding wealth.

He said his decision to part with his fortune was intended to serve as a "gift" to the magnates during their trip to China.

Chen's announcement has come amid the widespread belief that many of the Chinese billionaires who have been invited to the banquet are reluctant to accept the invitation out of concern over being lobbied to make charity promises.


1. How much will Chen donate?

2. What is the name of the campaign?

3. How much did 40 US billionaires donate?


1. Five billion yuan.

2. Giving Pledge Campaign.

3. $125 billion.


(中国日报网英语点津 Helen 编辑)

Billionaire to donate fortune

About the broadcaster:

Billionaire to donate fortune

Lee Hannon is Chief Editor at China Daily with 15-years experience in print and broadcast journalism. Born in England, Lee has traveled extensively around the world as a journalist including four years as a senior editor in Los Angeles. He now lives in Beijing and is happy to move to China and join the China Daily team.