(XINHUA)

Chen Guangbiao has undertaken to donate all of his wealth, at present about 5 billion yuan ($735 million), to charitable funds in China when he dies. He made the commitment in a letter posted on his company's website on September 5, in response to the Giving Pledge campaign initiated by Bill Gates and Warren Buffett.

Chen was the first Chinese person to meet Gates and Buffett's call for the world's wealthiest people to donate at least 50 percent of their fortune to philanthropy in their lifetime or soon after death.

Chen said he would soon have his personal assets notarized and put them under public scrutiny. Any future increase in the assets would also be handed out, he said.

Chen, 42, is president of Jiangsu Huangpu Investment Group, which is now the largest waste recycling company in China. Known as China's No.1 philanthropist, he has donated 1.34 billion yuan ($197 million) to charity programs since 1998 when he started up his business from scratch, with beneficiaries exceeding 700,000. Earlier this year, he donated 1 million yuan ($146,821) apiece to earthquake-hit Chile and flood-ravaged Pakistan.