Rich find spirit of generous giving

By He Dan. China's rich showed increasing enthusiasm about making big donations to the nonprofit sector and most of their donations, including pledges, went to universities in 2012, according to a new report. Last year saw charitable gifts of 4.9 billion yuan ($787 million) and pledges of 60 billion yuan from the country's top 100 individual donors, according to the China Philanthropy Research Institute of Beijing Normal University.
The total value was five times that of the previous year, it said. Huang Nubo, chairman of Beijing Zhongkun Investment Group, a private company, topped the list as the most generous donor with a pledged gift of 50 billion yuan to Peking University over 10 years. Huang, alumnus of Peking University, donated 900 million yuan to the university and another 20 million yuan to another two higher education institutions in 2011. Yang Xiu, a real estate developer in Nanjing, Jiangsu province, ranked third on the list with a generous donation of 400 million yuan to Nanjing University. Read more...