China's prestigious Peking University has received a record
173.3 million yuan (US$21.9 million) from the inheritance fund of a
late Singaporean billionaire.
The president of Peking University Xu Zhihong and Mavis Oei,
daughter of late Singaporean banker Khoo Teck Puat, signed a
donation contract on Monday. A better part of the donation -- 150
million yuan (US$19 million) -- will be spent on the construction
of a new gymnasium and a table tennis arena to be used for the 2008 Beijing Olympics.
"The new gymnasium and the major conference hall of a school of
governmental administration under the university will be named
after Khoo Teck Puat," said Xu. The new gymnasium is expected to be
completed next August.
"The government spends eight million yuan on developing the
university infrastructure each year, only 10 percent of its total
cost," said Chen Wenshen, vice president of the university.
"Most of the money we need we have to raise ourselves," said
Khoo Teck Puat was formerly listed as the richest man in
Singapore by Forbes. He died in February 2004, leaving a
legacy of 700 million Singaporean dollars (US$448.3 million).
Khoo's children distribute the fund to medical treatment, health
care and education, according to his wishes.
(Xinhua News Agency November 21, 2006)