Wednesday, January 13, 2010

Lei Gift to Yale Controversial in China

Lei Zhang came from China to Yale University and earned a Master's Degree and an MBA in 2002.  He then returned to China and founded Hillhouse Capital Management. He is the managing partner of the company and he has apparently done very well, because Lei has now given the School of Management (SOM), $8,888,888 (the amount determined by the Chinese lucky number 8) to help build a new building and also to provide scholarships for Chinese students and to support China-related activities at the school.  A CNN story notes that the gift has generated controversy on Chinese blogs and internet sites.  Some posters have expressed outrage that the money did not go to Chinese universities, but 49% of responses to a survey found nothing wrong with the gift (39.5% thought he should have given the money to Chinese schools and 11% were undecided).

For an announcement of the gift, the largest in SOM history, go here.


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