Chinese tycoon funds fight against poverty

The founder of Midea Group donates nearly $1 billion to promote projects

A Chinese billionaire businessman plans to donate 6 billion yuan ($892.7 million) to support charities and help combat poverty by promoting nationwide projects.

He Xiangjian, founder of Midea Group, will place 100 million privately owned shares, worth about 4 billion yuan, into a fund, as well as 2 billion yuan in cash.