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Billionaire wishes to donate wealth

(China Daily)
Updated: 2009-02-20 07:38

If at the age of 14, when he dropped out of school because his farmer father could not afford his education, someone told Cao Dewang that he would one day be one of China's richest men, he probably would have laughed it off as a joke.

Donating billions of yuan to charity wasn't even a thought to comprehend. But then, he didn't know what destiny had in store.

Ranked by Forbes the 53rd richest man in China in 2008, the business tycoon from Fujian province, whose Fuyao group manufactures windshields for world-renowned carmakers like Volvo, Audi and Bentley, has decided to give away 70 percent of his shares in the firm to charity.

The shares amount to a staggering 4 billion yuan ($585 million).

"I have decided to set up a charity fund, named after my father, He Ren, for which I will donate 70 percent of my shares in the Fuyao group," Cao was quoted as saying in the Beijing Morning Post yesterday.

He said the charity fund would aim to cover "educational programs, disaster and poverty relief, and religion", the report said.

It the authorities give Cao's proposal a green light, the 63-year-old will become the country's most charitable person, surpassing fellow entrepreneur Yu Pengnian.

Cao said he will submit a formal application to the authorities next month, and expected the charity fund to be established by the end of this year.

Before Cao joined the Fuyao group (formerly known as Fuqing Gaoshan Glass) in 1983, after winning the contract to run the company, he worked as a herdsman and tobacco seller. By 1993, Fuyao had taken up 40 percent of China's market share.

The Ministry of Civil Affairs recently bestowed Cao with the title of one of "China's Top 10 Charitable Persons". So far, he has donated 200 million yuan to various charities, including 20 million yuan for the May 12 earthquake disaster relief last year.

Cao said that to ensure the stability of Fuyao shares, "the amount of operational shares is about 10 percent of its total sum".

In a Sina.com Internet poll, in which 21,416 people participated, 84 percent said successful entrepreneurs should give something back to society in charity. More than 96 percent hailed Cao for his charitable acts.