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China’s private sector
EconomyChina Economy

China’s tycoons are restructuring their charitable donations. Where is that money going?

One major driver of overall decline in corporate donations has been the prolonged slump in country’s real estate sector

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ByteDance founder Zhang Yiming has donated 1.1 billion yuan to projects in his hometown over the past five years. Photo: AFP
Emma Main ShanghaiandMandy Zuoin Shanghai

China’s tycoons have reined in their charitable donations amid weaker-than-expected economic momentum, and among those that are still giving, many are redirecting their wealth towards advancing scientific development and supporting education.

The latest example is Zhang Yiming, the 43-year-old billionaire founder of TikTok owner ByteDance, who donated 200 million yuan (US$29.5 million) to the Fangmei Charitable Fund on Tuesday. The fund was established in Zhang’s hometown of Longyan, in southeastern China’s Fujian province, in 2021.

The money has been earmarked for public science education, nurturing students’ interests and improving educational infrastructure. Zhang separately donated an additional 100 million yuan to improve healthcare services in Longyan, taking his total donations to his hometown over the past five years to 1.1 billion yuan.

Zhang is one of many following the same path.

One example is Yang Yuanqing, the chairman and CEO of Lenovo Group – the world’s largest personal computer maker – who donated 200 million yuan to his alma mater, Shanghai Jiao Tong University, in April for campus renovation projects.

Prominent Chinese investor Chen Guangming donated more than 100 million yuan to the same university in January, primarily to support scientific research and innovation. Sun Piaoyang, chairman of Hengrui Pharma, gave 150 million yuan to China Pharmaceutical University this month for similar purposes.

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