Rich more willing to set up family foundations

Entrepreneurs to use bonuses, stocks for charitable giving

BEIJING - Mainland billionaires are showing an ever greater eagerness to establish family foundations for charitable purposes and to fall in line with what experts think is the most decent way for the rich to spend their money.

Earlier this month, Cao Dewang, chairman of the glass giant Fuyao Group in Fuzhou, Fujian province, used stocks with a market value of 3.55 billion yuan ($546 million) to establish a family foundation.