Tycoon donates entire fortune, worth $1.2B
A real estate tycoon has donated all his assets of 8.2 billion yuan ($1.2 billion) to charity, making him China's top philanthropist.
Yu Pengnian, an 88-year-old Shenzhen hotel and real estate entrepreneur, on Thursday donated his remaining fortune worth 3.2 billion yuan to the Yu Pengnian Foundation -- a charity named after him.
The amount, plus what he had donated before, raised the value of the Hong Kong-registered fund to $1.2 billion.
"This will be my last donation. I have nothing more to give away," he said.
"It will all be for charity, no part of it will be inherited by anyone, no part will be used to do business or for investments," he told reporters.