Chen Fashu, one of the richest men in China, said that his multi-billion-yuan charity foundation would focus on building schools in underdeveloped areas and offering scholarships for college students from impoverished families.

Chen, president of Newhuadu Industrial Group Co, Ltd., made the remarks during the inauguration of the Newhuadu Charity Foundation, which is believed to be the largest of its kind in the country.

Chen, 49, ranked 15th in the 2009 Hurun Rich List with a personal wealth of 25 billion yuan, donated 8.3 billion yuan ($1.2 billion) worth of securities to set up the foundation.

The Newhuadu charity foundation announced three major charity projects Tuesday: the construction of 200 primary and middle schools in underdeveloped areas; scholarships for 100,000 college students from impoverished families; and employment training for 200,000 college students.

The foundation signed school building agreements with 10 local governments and scholarship agreements with 20 colleges and universities on Tuesday.

"I will try my best to give back to the country and society while working hard and creating wealth in the future," said Chen.

Chen said he had benefited from opportunities of the country's economic development and enjoyed support from various circles of society over the past 20 years.

"We start with education for the future of China. We will give back to society in other fields in the future," said Tang Jun, executive director of the foundation.

Source: Xinhua