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September 16, 2014

Chan Brothers to Follow Harvard Gift with Donation to USC

The multibillionaire Hong Kong family that last week donated $350-million to Harvard University's School of Public Health now plans to make a sizable gift to the University of Southern California, the Financial Times reports. Ronnie Chan, who with his brother, Gerald, runs the Hang Lung property group and other businesses, has flown to Los Angeles to make the as-yet-unspecified pledge, according to the South China Morning Post.

Ronnie Chan earned his master's in business administration at USC. Gerald Chan graduated from Harvard's public-health school. The upsurge in giving by Chinese moguls in recent years has focused in large part on education, said Rupert Hoogewerf, who publishes annual rankings of China's wealthiest people and biggest donors.

Speaking to the Morning Post, Ronnie Chan said all his family's wealth would be donated to charity through the Morningside Foundation, which the brothers established in 1986. He said the Chans' giving plan trumped those of Bill Gates and Warren Buffett and described as "shameful" the American billionaires' 2010 trip to China to spur giving among the country's tycoons.