Charity to be set up

Chen Fashu, president of Newhuadu Industrial Group, will set up a charity foundation with 90 percent of the shares he holds, worth around 8 billion yuan ($1.17 billion).

Chen's charity fund will be China's largest civil philanthropic foundation ever established. The fund will follow the operation model of the Bill and Melinda Gates Foundation.

An independent team will be in charge of the foundation. It will also cooperate with other charity funds including the China Soong Ching Ling Foundation.

Chen ranked No. 15 in the 2009 Hurun Rich List with a personal wealth of 25 billion yuan ($3.66 billion).
 

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