Investor Donates $100-Million for Scholarships to China

Billionaire investor Stephen Schwarzman will donate $100-million to pay for 200 international students, mostly American, to attend college in China, reports The Wall Street Journal.

Mr. Schwarzman, chairman of the Blackstone Group, says he will also help raise an additional $200-million for the scholarships and a building to house the program at Tsinghua University.

Organizers of the program say the project represents the largest charitable effort in China’s history that involves funds from abroad. Mr. Schwarzman says he hopes the scholarships will help close a cultural gap. Most Americans, he says, “know next to nothing about China.”