Society

China's billionaire goes all out on Gates' pledge

By Yan Weijue (chinadaily.com.cn)
Updated: 2010-09-06 15:33

Well-known Chinese billionaire Chen Guangbiao says he is willing to donate all his wealth after he dies in a letter to Bill Gates and Warren Buffett published on his company's website, cb.com.cn reported Monday.

Dubbed as China's top philanthropist, Chen's promise is in answer to the Giving Pledge campaign initiated by Gates and Buffett encouraging the world's wealthiest people to donate at least 50 percent of their fortune to philanthropy in their lifetime or soon after death. Chen said the 1,090-word letter was motivated by those who turned down the invitation of a banquet with Gates and Buffett during their visit to China on September 29, worried about being forced to make donation commitments.

"It's a noble and great move to return your fortune to the world when you are about to leave. Shameful the other way if you die with it," Chen said in the letter. "So I will donate all my property to philanthropy instead of just half of it when I'm leaving."

Chen donated one million yuan ($146,821) to flood-plagued Pakistan last Tuesday, the latest move amid his reportedly 810 million yuan ($119 million) total donations in the last decade.