Chinese Billionaire Joins Gates/Buffett Giving Pledge
News reports say that Chen Guangbiao posted an open letter to Gates and Buffett on his company website. The letter pledges that he will donate his entire fortune of more than five billion yuan ($735 million) to charity when he dies. Chen's letter says that it will be a "glory" to return his entire fortune to society and that it is a "shame" to die hoarding wealth.
He's no stranger to showy philanthropy. Earlier this year he built a "money wall" at the Industrial and Commercial Bank of China's (ICBC) Jiangsu Branch to collect donations for poor families. He was on the top of the 2010 China Charity List released by the China Association of Social Workers. It is said that he has already donated a total of 1.34 billion yuan.