Across China: Fujian

Billionaire's foundation

Chen Fashu, president of Newhuadu Industrial Group Co Ltd, will set up a charity foundation with 90 percent of the shares he holds, which is worth around 8 billion yuan ($1.17 billion), China Economic Weekly reported yesterday.

Chen's charity fund will be China's largest civic philanthropic foundation ever established. The fund will follow the operation mode of the Bill & Melinda Gates Foundation.