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July 17, 2014

Chinese Property Moguls Launch $100-Million Education Fund

Real estate tycoons Zhang Xin and Pan Shiyi are setting up a $100-million endowment to fund scholarships for underprivileged Chinese children to attend universities around the world, The Wall Street Journal reports.

The billionaire founders of property firm SOHO China launched the fund Tuesday with a $15-million gift to Harvard University and say they are looking to reach similar agreements with other elite school in the United States and elsewhere.

The husband-and-wife moguls both rose to business success from humble circumstances. Mr. Pan grew up in an impoverished part of western China, while Ms. Zhang, SOHO's CEO, was a factory worker in Hong Kong before securing scholarships to attend college in England. "Getting the best education should not only be for those who have the means – it should be for those with the talent," she said.