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  • Beijing Review

    PEOPLE & POINTS

    May 20, 2021 3 minutes

    CHINESE TYCOON BUILDS NEW UNIVERSITY IN FUJIAN

    The Heren Charitable Foundation, started by Cao Dewang, Chairman of Fuyao Group, recently announced a plan to invest 10 billion yuan ($1.54 billion) to build the Fuyao University of Science and Technology in Fujian Province.

    The 65-year-old initiated the group in 1987, which eventually became the world’s second largest supplier of automotive glass. Cao and his wife decided in 2011 to donate 300 million shares of Fuyao Group, a market value of 3.5 billion yuan ($544.2 million), for the creation of their own charitable foundation. The foundation, whose donation priorities include the educational sector, became the

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