By: Andrea Russett
Individual philanthropic actions are deeply rooted in personal experience and ones
own system of beliefs. This statement proves true throughout history in both
Western and Eastern culture and resonates largely with 88-year-old real estate
magnate Yu Pengnian.
On Thursday April 22, 2010, the entrepreneurial giant of the hotel industry became
China’s first billion-dollar philanthropist by announcing the donation of his
remaining fortune – worth $3.2 billion Yuan to the Yu Pengnian Foundation. With
this announcement, the Hong Kong-registered fund that donates to education,
health and disaster relief is now valued at over $1.2 billion.
Ranked as the most generous donor in China for the fifth consecutive year in 2010,
Pengnian marks the 2008 Sichuan and 2010 Yushu earthquakes as the catalyst for
the latest wave in Chinese philanthropy. Shortly after this announcement in late
April 2010, along with three other Chinese entrepreneurs, the pooled funds of more
than $10 million were donated to disaster relief for the Yushu earthquake.
Optimistic that this wave of philanthropy will encourage other Chinese billionaires
to increase their giving capacity Pengnian states, “My fortune is just a drop in the
bucket compared to [others] but I have a point of view that is very different from
others, I will not leave my fortune to my children.” After his Foundation
announcement on April 22, he told reporters, “this will be my last donation. I have
nothing more to give away. 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.”
The man who has been referred to as China’s version of American industry tycoon
Andrew Carnegie says that his actions are rooted in Confucianism. “For me, money
is only something external,” he said. “Traditional Confucianism always calls for us to
help others. Giving a hand to the people who need it is a source of happiness.”
In addition to his recent efforts for disaster relief, another and more personal focus
of the Foundation lies within the health sector. Pengnian has made special donations
to patients with cataracts because he once suffered from the same disease. “I like to
support the poor because I used to be poor and I understand the misery of the poor
people,” he said. (5). Of all the causes to support within the parameters of healthcare,
Yu has funded over 150,000 cataract removal operations across China since 2003
due to his personal experience.
His belief in the Chinese philosophical practice that stems from the teachings of
Chinese philosopher Confucius seems to have made these philanthropic decisions
easy for him. Being able to relate to others in need also makes the process of giving
and enjoyable action. Pengnian states, “providing timely help to the really poor and
making them live better are my aim and wish.”
Cited works:
China Daily – English http://english.people.com.cn/90001/90776/90882/6960387.html
Shanghai Star http://app1.chinadaily.com.cn/star/2005/0512/fo5-1.html
China Daily – English http://english.people.com.cn/90001/90776/90882/6960387.html