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SCMP Reporter

Philanthropist Yu Panglin, best known locally as the man behind the planned Bruce Lee museum, is to donate his remaining fortune of about US$470 million to charity.
The move was announced by the 88-year-old in Shanghai yesterday at a ceremony which honoured him as the most generous philanthropist in China.
Speaking at a news conference after the Hurun Report named him China's top philanthropist for the fifth consecutive year, Yu said he was donating US$470 million in cash and property assets to the foundation under his name. This brings the total he has given to the Hong Kong-registered charity to US$1.2 billion. 
Yu said: 'This will be my last donation. I have nothing more to give away. It will all be for charity. No part of it will be inherited by anyone, no part will be used to do business or for investments.'
He also said he hoped his move would encourage other Chinese billionaires to do more, adding that his fortune paled in comparison to that of other magnates in Hong Kong and the mainland.  
'My fortune is just a drop in the bucket compared to them, but I have a point of view that is very different from others. I will not leave my fortune to my children,' he said.
The donation ensured Yu's position as China's top philanthropist, said Rupert Hoogewerf,  founder of the Shanghai-based Hurun Report, which tracks China's wealthy.  
'Doing charity is much more difficult than making deals and there are even more difficulties if you want to do something real to benefit the poor. Providing timely help to the really poor people and making them live better are my aim and wish,' Yu said. 
His foundation supports health and education charities and disaster relief. It has also funded more than 140,000 cataract removal operations across the mainland.  
Besides his generosity, Yu is best known in Hong Kong as the owner of the last home of kung fu legend Bruce Lee. Yu had planned in 2008 to sell the two-storey Kowloon Tong house and other properties to raise funds for Sichuan  earthquake victims, but subsequently dropped the idea after receiving pleas to preserve the property.
He later proposed to transform the Cumberland Road house  into a museum commemorating the life of Lee, who died in 1973 at the age of 32.
Yu, who was born in Hunan  province and came to Hong Kong in the late 1950s, began to devote his time to charity work since the 1980s when he was shocked by the poverty he witnessed during a visit to his hometown.



China's 'most generous man' to donate entire fortune to charity