Chinese Philanthropist Donates It All!!
This is a wonderful article sent to me by Sharon that I would like to share with everyone. Thanks Sharon for a wonderful and inspiring piece.
Tsem Rinpoche
Chinese Philanthropist Donates It All!!
Mark MacKinnon
Shenzhen, China — From Saturday’s Globe and Mail Published on Friday, Jul. 23, 2010 8:46PM EDT Last updated on Tuesday, Jul. 27, 2010 1:31AM EDT
Yu Pengnian’s journey from poor street hawker to Hong Kong real-estate magnate was already a remarkable one. Then the 88-year-old did something even rarer that shocked many in increasingly materialistic China: He gave it all away.
Saying he hoped to set an example for other wealthy Chinese, Mr. Yu called a press conference in April to announce he was donating his last 3.2 billion yuan (about $500-million) to a foundation he established five years earlier to aid his pet causes – student scholarships, reconstruction after the 2008 Sichuan earthquake, and paying for operations for those like him who suffer from cataracts.
“This will be my last donation,” he announced. “I have nothing more to give away.”
With that endowment, Mr. Yu became the first Chinese national to give more than $1-billion to charity, now having contributed almost $1.3-billion in cash and real estate to the Yu Pengnian Foundation.
In a stunned China, the question came quickly: Wouldn’t his children be angry that he had given their inheritance away? “They didn’t oppose this idea, at least not in public,” the eccentric Mr. Yu says, laughing, when asked the question again during an interview at his foundation’s office atop the 57-storey Penglin Hotel in the southern Chinese city of Shenzhen.
“If my children are competent, they don’t need my money,” Mr. Yu explained. “If they’re not, leaving them a lot of money is only doing them harm.”
To make sure that didn’t happen, he appointed HSBC as his foundation’s trustee and stipulated that none of its holdings could be inherited, sold or invested.
In a society where capitalism is just 30 years old, and charitable giving an even younger concept, Mr. Yu says one of his primary goals in making a show out of giving his money away was to set an example to other rich Chinese. “Everybody has a different view of money. Some do good things with it, some rich people do nothing with it. …My goal is to be a leader, a pioneer who encourages rich people, inside and outside of China, to do something charitable.”
The charitable eccentric
It would be easy to characterize Mr. Yu as an oddball. His hair is dyed jet black and held up in a bouffant. He regularly wears white Mao suits and matching white shoes at which his Western-educated grandchildren quietly cringe. His desk, which sits in the middle of an office he shares with half a dozen of the foundation’s staff, is covered with such oddities as a bowl of plastic fruit, a money-counting machine, and a pair of duelling model fighter planes, one Chinese, one American.
He displays little of his wealth – he lives in the Penglin Hotel and eats most of his meals in the buffet restaurant – but sits beneath a giant smiling portrait of himself. Another giant dinner plate emblazoned with a picture of Mr. Yu sits propped up on his desk, gazing directly at anyone who pulls up a chair across from him.
As offbeat as he may be, it’s hard to question his generosity. Mr. Yu, who is ranked the 432nd richest person in mainland China, has topped the Hurun Report lists of the country’s top philanthropists four years running – and will certainly do so again this year – leading by example as the idea of large-scale giving has quietly taken hold among a growing number of China’s superwealthy.
Rags to riches
Mr. Yu says his passion for charity is a result of his own humble beginnings. Born in a small village in China’s southern Hunan province, he travelled to Shanghai in his youth hoping to find his fortune. Instead, he found himself pulling rickshaws and hawking trinkets on the streets until he was arrested in 1954 – on the false accusation that he came from a family of wealthy landlords – and sentenced to three years in a “thought correction centre.”
After his release, he finally caught a gust of good fortune when he was granted rare permission to travel to Hong Kong. He found a job as a cleaner at a large firm, and even though he spoke no English or Cantonese, slowly impressed his way up into a junior management position, saving everything he earned along the way.
In the 1960s, Mr. Yu and some friends pooled their money together and bought their first property, the beginning of a new career that would see him make millions through shrewd purchases that he would sometimes later sell at 20 or more times the original price. As his holdings grew, he became notorious in Hong Kong as the “Love Hotel King” – a name he detests – because many of the properties he owned were rented by operators of hotels catering to hourly stays. He also won fame for buying the last home that kung-fu star Bruce Lee lived in before his death, a property Mr. Yu later donated back to the Hong Kong government as a museum.
Hard lessons in giving
But in rural China, particularly his native Hunan province, Mr. Yu was developing a very different reputation. When he returned to his hometown of Lou De each year for the Spring Festival holiday, he handed out red envelopes stuffed with cash to the elderly and poor.
Those trips taught him an early lesson about the perils of charitable giving. One year, he enlisted the help of local government officials to help him stuff each envelope with 400 yuan. He found out later that much of the cash had been pocketed by the corrupt bureaucrats, and to this day he insists that the money he donates go directly to the recipients without going through any other charities or government agencies. “In China, I do charity only with my own eyes and hands. I don’t trust others,” he says.
Mr. Yu’s initial foray into wider-scale philanthropy came after he developed cataracts and had a successful operation to repair his eyes in 2000. When he researched the disease afterwards, he found that 400,000 Chinese developed cataracts every year, and many sufferers couldn’t afford the required surgery.
He was deeply moved and decided to spend $10-million annually on mobile cataract clinics that drive to the most remote parts of China to perform surgeries paid for by Mr. Yu. His own oversized photograph – his eyes clear of cataracts – is on the side of the “Bright Eyes” vans, which have carried out more than 150,000 cataract operations around the country since 2003.
Mr. Yu says his latest passion is education. He says he wants the bulk of the money from his most recent endowment, as well as the profits from the hotels and other properties he has donated to the Yu Pengnian Foundation, to go to scholarships. “Some for poor students, others for talented students I want to encourage, including foreign students who want to study in China,” he said. “Education is very important for a country, very closely related to its prosperity and standard of living.”
A legacy project
Mr. Yu is proud to hear his name mentioned alongside such famous Western philanthropists as Bill Gates and George Soros – as well as Hong Kong’s Li Kashing, Asia’s most famous philanthropist who has given away $1.4-billion of his estimated $21-billion – but likes to point out that he’s gone a step further than they have by giving away all his money. However, he admits he wasn’t ready to go back to the hard life he lived as a young man.
“I’m not poor, not yet. I still have a credit card – an American credit card – and I take a VIP room in this hotel. And I take business-class flights. I allow myself this,” he says, smiling.
As Mr. Yu speaks, his grandson, Dennis Pang, watches with obvious respect and affection. As someone who was in line to inherit some of the fortune, Mr. Pang admits that he was initially bewildered by his grandfather’s insistence on giving away what he had earned. But then he took a job as his grandfather’s personal assistant, and saw first-hand the good the Yu Pengnian Foundation was doing.
“Before I came here, I was a little confused. But now when I see the people that he helps, I understand that it’s special,” Mr. Pang said. My. Yu’s two sons, both in their 60s, sit on the foundation’s board of directors.
Mr. Yu is pleased to have his family’s support, but says he would have gone ahead with his philanthropy with or without their approval. “I don’t care what others think. It makes me happy to give my money away. I used to be poor.”
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Yu Pengnian a real estate tycoon ‘s journey from poor street hawker to be one of a richest person in mainland China. His passion for charity is a result of his own humble beginnings. He has donated all his assets of billions to charity, making him China’s top philanthropist. Whatever profits he made from his business he donated to the Yu Pengnian Foundation which he founded. He became the first Chinese national to give more than billions to charities, scholarships, helping poor students. Self- made Chinese billionaire he gives away entire fortune to charity.
Thank you Rinpoche for this inspiring sharing.
Inspiring story of a real estate entrepreneur, and philanthropist Yu Pengnian a 88-year-old Chinese Shenzhen hotel tycoon. Been the first Chinese individual donor to give more than $1 billion to charity . Yu had been involved in public welfare work wholeheartedly and founded several charity funds. He had desire to donate as the result of his own hardship. A truly rag to riches story of a man from a poor family. He came a long way to be where he was, from poor street hawker to Hong Kong real-estate entrepreneur. Yu has devoted over billions yuan in the province to support health care, education, urban construction, disaster relief, among others. One of his primary goals in giving his money away was to set an example to other rich Chinese to be charitable. Many people has since benefited with his funds.
Thank you Rinpoche for this inspiring sharing.
This is a very usual and inspiring story. Mr. Yu donates all his money away and didn’t leave much to his children or grandchildren. Usually, when we have a lot of money, we will keep it, spend it on ourselves and leave them to our children.
It is out of love that we leave our wealth to our children, we want to give them a comfortable life so they don’t have to go through hardships. But what we don’t realise is that our love doesn’t actually help them. Since everything is given to them, they don’t learn to work hard to get what they want. They tend to take things for granted and become irresponsible to a certain extent. Their potential will be wasted.
For Mr. Yu, he has a very logical philosophy, he said, “If my children are competent, they don’t need my money. If they’re not, leaving them a lot of money is only doing them harm.”. This statement is quite true, if they are capable and competent, they will be able to make it. The wealth Mr. Yu has accumulated is a result of his effort and hard work, he is not obliged to leave it to his children. If we have children, we should also make it clear to them that they have to work hard for what they want if we truly love them.
There are people who are born very rich but end up being very attached to money. There are people who are born poor and very generous. Money is neutral and it depends on the people who own it to make the most of the money. There is only so much we can enjoy and eventually we will die and need to depart with the money we have.
Before I met Tsem Rinpoche, I always want to make sure the money I earn are maximised through various investments, and if it is not yielding as much (when compare with other people), I get frustrated. I have created so much unnecessary pressure onto myself. Now all I pray is that I have a place to do my retreats when I get old and that really give me a piece of mind.
Very inspiring article about a poor man,how he struggle, working hard from rag to riches.He is so kind and compassion to help and donate his money all to charity with so many people benefited from it.He is a man with a golden heart.Well do hope more philanthropist like Mr Yu doing the same in helping those in need…
Thanks Rinpoche for sharing.
Dear Rinpoche,
Thank you for sharing this inspiring story. This kind of act is very hard to encounter in this time where most people see money as god and materialism is rampant.
MR Yu is definitely a rich man with a good heart. He had donated his last wealth to a foundation that contributes back to the society by giving free medical treatments for cataract , scholarships and even tragedy relief fund. He clearly does not have any attachment to the wealth he accumulated. He is happy the way it is and remained humble even after he became rich. His integrity is a good example for us who dwells in this materialistic times.
Humbly,
Chris
Such a kind and understanding person! His act of kindness is something I truly respect. He is someone you don’t read or hear about everyday. I love it when he said
“If my children are competent, they don’t need my money,” Mr. Yu explained. “If they’re not, leaving them a lot of money is only doing them harm.”
How true! Giving them the money will only spoil and harm them if not used in a correct way. Loving someone is not about giving them everything they need but making them understand it the correct way.
I read with keen interest the philanthropist 88 years & donating his money;I am glad t here are such people in China;well I am an overseas Chinese;currently residing in Sabah/Malaysia;& I certainly wish to donate a substantial sum no less than what the philanthropist did;Sadhu3!{I havent decided where the money should go;but it certainly will benefit at least the Chinese community throughout the World;China included}
I totally if those do bbtohh with Mr. Yu. He has a very good thoughts and a good heart. If one day I am a millionaire, I will do the same thing. I won’t leave lots of money for my next generations and I will donate them. It’s better to use those hard earn money wisely for those people who need help.
Mr Yu is very different from the ordinary Chinese . Traditionally Chinese work hard and save hard . It is common to hear of rich Chinese live frugally and leave all their wealth to their descendants despite the famous Chinese saying that ” Accumulated wealth is very unlikely to be passed beyond three generations”.
Without putting in efforts to earn the wealth passed to them from their forefathers, descendants of these wealthy men do not value the fruits of their ancestors’ hard work and their inheritance is disbursed quickly.
Mr Yu is a wise man. His acts of charity brought happiness to others as well as himself.
What a nice article to read! It’s heart-warming to see that Mr Yu hasn’t forgotten the tough lessons of his youth, and realises that many others will still be going through the same experiences that he did as a younger man. Mr Yu also definitely has the right idea about money when he said “If my children are competent, they don’t need my money…if they’re re not, leaving them a lot of money is only doing them harm.” His children are fortunate to have such an astute man as a father who gives them an education beyond what the schools teach, about generosity and becoming self-reliant. He protected his children by not allowing them to become complacent in their wealth.
What a great article…I love reading things like this because everyone associates wealth in a family to equate to disharmony and bad upbringing of the next generation.
It’s nice to read that Mr Yu’s kids are sitting on the board for the foundation! It shows what a good example he has set for his kids.
I know a lot of Chinese family’s where their parents come from very, very poor backgrounds and had to work with their two hands to earn their new found great wealth…their kids not knowing how to relate to their parents experience turn into rotten kids.
It’s a refreshing change.
Sharon finds very good posts online! Thank you Rinpoche for posting it up xx
very, very inspiring. Please think about that helping others is not an exclusive domain of the rich. Us normal people can do our part as well and it’s equally rewarding and not at all less important. If we have critical mass doing it, this world will change. It needs all of us. Food for thought.
That article was really really good!!! Wow what an amazing person. What a noble, honorable man. That is what I want if I ever become rich. Exactly the same thing. I could only hope to be so humble after having gained so much wealth.
From a poor street hawker to a Hongkong real-estate magnate today, at 88 years old, Mr. Yu gave it all away to charity! He donated 3.2 billion yuan about(US$500 million) to a foundation established 5 years ago to aid his pet causes – ” Students Scholarships, Reconstruction works after Sichuan 2008 earthquake, and last but not least, to pay for operations for those like him who suffer from cateracts.” Mr.Yu was said to have become the First chinses national to give more than US$1 Billion to Charity. A charitable enccentric, an odd ball, an off-beat, or whatever the world may characterise him to be, he certainly is no miser…….. Mr. Yu says one of his primary goals in making a show out of giving his money away was to set an example to other rich chinese. ” Everybody has a different veiw of money. Some do good things with it……Some rich people do nothing with it… My goal is to be leader, a pioneer who encourages rich people, inside and outside of China to do something Charitable”. Though Mr. Yu may only ranked the 432nd richest person in mainlaind China, he has topped the Harunreport list of the country’s Top Philanthropist for four years in running, and said to be certainly to do so again this year! Mr.Yu’s virtuous deeds can be descrbed by the Golden Words of our Lord Buddha “Whose is perfect in virtue and insight is established in Dhamma, has realised the TRUTH and fulfils his own duties, Him do folks hold dear. Wholesome deeds, help man to achieve better Rebirth and bring him nearer to Salvation”. Mr.Yu may you forever take good rebirths without sufferings!
Mr Yu who is 88 years old have utilised everything he has to Charity and became China’ philantropist. He uses his experience to feel for Sentient Beings. He may not be in Dharma but indirectly he is practicing Dharma. He has experience poverty. And knows the sufferings of being poor. He has gone through catarat operation. He knows the importance of eyesight. He has no education. But thinks education is very important for a persons life. He has a foundation set up for all these and those who cannot afford. He is at the same time praticing generosity by giving away all that he has. By doing all these virtuous deeds he accumulates good merits for himself to prepare for his next life.