Chinese tycoon gives his entire fortune to charity...

A Chinese tycoon announced Thursday he was donating his fortune to charity in a gesture that has cemented the real estate magnate and hotelier's position as China's top philanthropist. 

Yu Pengnian, 88, told a news conference he was donating US$470 million in cash and property assets to the Yu Pengnian Foundation, bringing the total he had given to the Hong Kong-registered charity to US$1.2 billion.

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"If my children are more capable than me, it's not necessary to leave a lot of money to them. If they are incompetent, a lot of money will only be harmful to them," said Yu, who has been dubbed "China's Carnegie" for his consistent donations over the past two decades. Full story...

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