China Real-Estate Tycoon to Fund Restoration of Ancient Temple

China’s wealthiest property magnate, Wang Jianlin, has pledged $150-million to restore an ancient Buddhist monastery in the eastern city of Nanjing, China Daily reports.

Mr. Wang, who is not a Buddhist, said he is funding reconstruction of the Grand Bao’en Temple, which dates to the Ming Dynasty (1368-1644), out of respect for traditional Chinese culture. He plans to give the money next month to the China Charity Federation, which will allocate it in three phases to the city of Nanjing.

Donations for historical preservation are a relative rarity in China, where most business philanthropy flows into disaster relief, education, and health care, according to Deng Guosheng of the Non-Governmental Organization Research Center at Tsinghua University.