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 (about 1.17 billion U.S. dollars), China Economic Weekly reported on October 19.

Chen's charity fund will be China's largest civil philanthropic foundation ever established. The fund will follow the operation mode of the Bill & Melinda Gates Foundation. An independent team will be in charge of the operation of the foundation. It will also cooperate with other charity funds including the Song Qingling Foundation.

Chen ranked No. 15 in the 2009 Hurun Rich List with personal wealth of 25 billion yuan.

By People's Daily Online