THE GLOBE AND MAIL: Eccentric developer from humble roots shocks nation by leaving offspring nothing
Yu Pengnian’s journey from poor street hawker to Hong Kong real-estate magnate was already a remarkable one. Then the 88-year-old did something even rarer that shocked many in increasingly materialistic China: He gave it all away.
Saying he hoped to set an example for other wealthy Chinese, Mr. Yu called a press conference in April to announce he was donating his last 3.2 billion yuan (about $500-million) to a foundation he established five years earlier to aid his pet causes – student scholarships, reconstruction after the 2008 Sichuan earthquake, and paying for operations for those like him who suffer from cataracts.
“This will be my last donation,” he announced. “I have nothing more to give away.” >>> Mark MacKinnon, Shenzhen, China | Friday, July 23, 2010
THE GLOBE AND MAIL: China’s richest and most generous >>> | Saturday, July 24, 2010
