Rich give generously to universities

China's rich are showing increasing enthusiasm for making big donations to the non-profit sector and most of their donations, including pledges, went to universities in 2012, according to a new report, writes He Dan for China Daily.

Last year saw charitable gifts of 4.9 billion yuan (US$787 million) and pledges of 60 billion yuan from the country's top 100 individual donors, according to the China Philanthropy Research Institute of Beijing Normal University. The total value was five times that of the previous year, it said.

Huang Nubo, chairman of Beijing Zhongkun Investment Group, a private company, topped the list as the most generous donor with a pledged gift of 50 billion yuan to Peking University over 10 years.
Full report on the People’s Daily Online site