Major Donors Become Growing Force in China
November 2, 2007 | Read Time: 1 minute
Li Ka-shing, Asia’s wealthiest man, is giving a big chunk of his fortune to charity and leading a major change in how philanthropy is conducted in China, reports The Wall Street Journal.
While the Communist party has traditionally clamped down on privately financed institutions as a threat to its own power, and family values tend to dictate that money be given away quietly or kept within the family unit, the recent efforts of Mr. Li and other Chinese philanthropists may signal that times are changing.
Last year Mr. Li announced that he would give roughly $10-billion to his Li Ka Shing Foundation, an amount that rivals many of the wealthiest American foundations.
His announcement seems to have spurred other wealthy people to undertake philanthropic endeavors as part of a growing recognition in Asia of the gap between rich and poor.
According to the Hurun Report, a publication that tracks philanthropy in China, Yang Lan, a talk-show host, donated roughly $72-million to set up a foundation aimed at cultural exchanges, environmental protection, and education, while Yu Pengnian, head of the Chinese Shenzhen Pengnian Hotels, donated close to $270-million for health-care causes.
Read more about Mr. Li’s giving and the state of philanthropy in China in The Chronicle of Philanthropy.
