China's super-rich have a new must-have possession: their own university
Even for China's richest man, it was a bold investment. Last month, beverage magnate Zhong Shanshan raised eyebrows when he announced plans to spend 40 billion yuan (US$5.5 billion) over the next decade to set up a private university called Qiantang University.
Zhong, the founder of bottled drinks giant Nongfu Spring, said the new institution would have a clear vision: to advance scientific research, drive the application of new technologies and cultivate top-tier talent in strategic fields. His initiative is the latest in a growing wave of entrepreneur-funded universities in China, a product of a shift in how the country's business elite channels its wealth amid Beijing's intensifying push to develop national self-sufficiency in a slew of hi-tech industries.
Just days before Zhong's announcement, the Ministry of Education granted approval to Fuyao University of Science and Technology (FYUST) – a new institution founded with a US$10 billion donation from Cao Dewang, the chairman of glass manufacturer Fuyao Group – to begin enrolling students this year.
Meanwhile, the Eastern Institute of Technology (EIT), a university in the eastern port city of Ningbo funded by semiconductor mogul Yu Renrong, is preparing to welcome its first undergraduates later this year, after admitting its first batch of doctoral candidates in 2022.
The 2024 China Philanthropy List, a report from the Hurun Research Institute that tracks the donations of wealthy Chinese, found that 70 per cent of the country's top donors prioritised education last year, up from 58 per cent in 2023.
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