Chen spreads a Buffett

Chen Fashu, regarded by many as China's Warren Buffett, yesterday announced that he would donate 45 percent of his personal assets, worth 8.3 billion yuan ($1.17 billion), to set up a charity modeled on the lines of the Bill and Melinda Gates Foundation.

The Newhuadu Philanthropic Foundation, once set up, is expected to be the largest civil charity foundation ever established in the country.

Chen, 48, a Fujian-born businessman who made his first million by selling groceries in his hometown during the 80s, later became a billionaire by investing in stocks on the A and H share markets.