Lessons learned in the 1997-2004 slump helped some weather the storm while others were buffered by investments in luxury malls and non-property assets.
The founders of three of China’s technology giants each pledged over US$2 billion to charitable causes over the past year, in a collective response to the nation’s call for common prosperity that drove donations to a record, according to the Hurun China Philanthropy List 2022. The list recorded 49 benefactors who each gave away more than 100 million yuan (S$19.