Charity Surges on the Mainland as Donations Fall in the U.S.; 'Time for Us to Give,' top Chinese Philanthropist Says .
A real-estate and hotel tycoon's billion-dollar giveaway is the latest sign that Chinese philanthropy has come of age.
Last month, Yu Pengnian said he is transferring his remaining fortune, estimated at $470 million in cash and property, to the charity he founded.
Mr. Yu's gift brings to $1.2 billion the total of his donations to the Yu Pengnian Founation. Hurun Report, a group that ranks China's wealthiest people, calls him the first philanthropist in mainland China to give away more than $1 billion. While Mr. Yu made his fortune in Hong Kong, he is now based in Shenzhen.
Source: wsj
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