Chinese philanthropist donates it all: Shenzhen, China – Yu Pengnian’s journey from poor street hawker to Hong Kong real-estate magnate was already a remarkable one. Then the 88-year-old did something even rarer that shocked many in increasingly materialistic China: He gave it all away.
Saying he hoped to set an example for other wealthy Chinese, Mr. Yu called a press conference in April to announce he was donating his last 3.2 billion yuan (about $500-million) to a foundation he established five years earlier to aid his pet causes – student scholarships, reconstruction after the 2008 Sichuan earthquake, and paying for operations for those like him who suffer from cataracts.
“This will be my last donation,” he announced. “I have nothing more to give away.”
“If my children are competent, they don’t need my money,” Mr. Yu explained. “If they’re not, leaving them a lot of money is only doing them harm.”…
Click here to read the full article.
WATCHDOG: Mr. Yu expresses the same sentiment that many wealthy Americans have embraced.
Capitalist give generously to charities. Unlike Lancaster, were local charity General Hospital gives to capitalists!
A wag of the tail.
