HONG KONG - Yu Panglin, an octogenarian hotel and real estate entrepreneur little heard of in his native China let alone in the broader world, has just given away the last of his cash while earning recognition as the mainland’s leading philanthropist for the fifth straight year.
Yu gave away his remaining fortune, worth US$470 million, to a foundation that bears his name and supports health, education and disaster relief in China. The donation brought the amount he has given to the Hong Kong-registered Yu Panglin Foundation to $1.2 billion.
“This will be my last donation. I have nothing more to give away,” Yu said in Shanghai late last month at a ceremony held by the Hurun Research Institute, which annually compiles a list of China’s richest people.
His views stem from his belief that lots of money does no good being handed on to the next generation. “Why should I leave my sons money if they are more capable, or even if they are weaker than me? If they have their ways, they will do better than me. If they are weaker than me, they may indulge in dissipation - gambling, whoring and even doing drugs with the money. Thus it would do harm to them,” he said.
I love that quotes by Mr. Yu.