Philanthropist's $1.2b donation unprecedented

SHANGHAI - A real estate tycoon has donated all his assets of 8.2 billion yuan ($1.2 billion) to charity, making him China's top philanthropist.

Yu Pengnian, an 88-year-old Shenzhen hotel and real estate entrepreneur, on Thursday donated his remaining fortune worth 3.2 billion yuan to the Yu Pengnian Foundation - a charity named after him.