Blackstone Chief Starts $300m China Scholarship

Stephen Schwarzman, the billionaire chairman of Blackstone Group, is setting up a $300m scholarship for foreign students to attend China’s Tsinghua University, the alma mater of senior officials including President Xi Jinping.

Bloomberg reports that Schwarzman, 66, is giving $100m of his personal wealth to the Schwarzman Scholars program, which will enroll students from the U.S. as well as Europe, South Korea, Japan, India and other nations.

The program is seeking to raise an additional $200m and has commitments for half that amount from sponsors including Bank of America Merrill Lynch, Boeing Co., Caterpillar Inc. and General Electric.

Schwarzman said he was endowing the program to spur a greater comprehension of China by the U.S. and other Western nations, modeling it on a program established in 1902 by Cecil J. Rhodes at the University of Oxford to facilitate a better understanding between the U.S. and Europe.

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Blackstone Chief Starts $300 Million China Scholarship

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