Chinese billionaire says will donate all his wealth to charity

BEIJING - Chinese billionaire Chen Guangbiao recently made an important decision. Rising from his bed, he sat and penned a letter, in which he promised to give his entire fortune to charity after he leaves the world.

The letter dated September 5 was later posted on his company website, bringing the 42-year-old billionaire into the media spotlight once again.

As early as 2007, Chen, chairman of a recycling company in Jiangsu province, announced that he would give away 95 percent of his property.

“Every year I will donate at least 50 percent of my company’s profits to charity,” Chen explained.

So far, according to the China Daily, Chen has donated more than 1.3 billion Yuan (192 million dollars) and helped more than 700,000 people.

He claimed his current assets stand at about 5 billion Yuan.

“I will not keep any wealth for my children. I started from scratch and they can do the same. They are very clever. Both are top students in their classes. Their excellence eases my worries,” Chen was quoted, as saying.

Chen quoted his youngest son as having said: “My father is China’s top philanthropist, but I will be the world’s top philanthropist.”

“They are just like me,” the proud father added.

Chen’s sister works in the kitchen of a restaurant in Nanjing, capital of Jiangsu province, for 1,800 Yuan a month. His younger brother earns almost as much.

He refuses to subsidize their living expenses, but fully supports their children’s education.

Chen leads a frugal life. He doesn’t smoke or drink and eats in his company’s staff canteen most of the time. (ANI)