The Wall Street Journal reports that a Chinese business tycoon's billion-dollar giveaway is the latest sign that Chinese philanthropy has come of age.
Real-estate and hotel tycoon Yu Pengnian said he is transferring his remaining fortune, estimated at $470 million in cash and property, to the charity he founded. With this, the total amount that Mr. Yu has donated to the Yu Pengnian Foundation is $1.2 billion.
Hurun Report, a group that ranks China's wealthiest people, rates Yu Pengnian as the first philanthropist in mainland China to give away more than $1 billion.
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