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Chinese Billionaire Joins Gates/Buffett Giving Pledge
Filed under: Big Givers
A Chinese philanthropist has joined the Giving Pledge campaign started by Bill Gates and Warren Buffett. Chen Guangbiao, chairman of Jiangsu Huangpu Renewable Resources Utilization, is a well-known Chinese philanthropist and wealthy businessman, he recently gave one million yuan (around $150,000) to the Pakistani flood victims. He is the first in China to respond to the campaign. Gates and Buffett plan to make their pitch to Chinese billionaires in person in Beijing, China at a special dinner on September 29. Around 50 super wealthy Chinese businesspeople have been invited to the banquet but some have opted not to attend. 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.
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