Prestigious universities in China are increasingly receiving large donations from successful alumni, media reported.
Liu Qiangdong, CEO of JD.com, donated 300 million yuan ($44 million) to Renmin University of China (RUC), his alma mater, the largest the school has ever received, according to school's website.
"Just donated 300 million yuan to my Alma Mater," Liu wrote on Sina Weibo, "I am pleased to see that more alumni are donating to Renmin University. I wish the best for my Alma Mater."
During a ceremony at RUC on Friday, Liu announced his new JD Foundation, which aims to help students in need of financial aid.
Liu is not the only Chinese entrepreneur in recent years to make generous tax-deductible endowments to their alma mater. However, schools are far from transparent about the details of these donations.
Tsinghua University in Beijing receives more alumni donations than any other Chinese university, with a total 2.53 billion yuan ($372 million), according to statistics released by cuaa.net.
Ma Yun, CEO of Alibaba and Lu Zhiqiang, CEO of China Oceanwide have also made numerous tax deductible donations to educational institutions.
