When asked why he wasn't leaving his wealth to his son, the billionaire replied, "If my son is more capable than me, why does he need my money? If he is less capable, inheriting it would only harm him."
From nothing to a billion-dollar empire
Born in Hunan province, China, to a small merchant family, Yu Pengnian (real name Peng Lishan) experienced hardship early in life. After a failed business venture in Shanghai and imprisonment on false charges, he arrived in Hong Kong in 1958 with nothing and started over.
He took on the most menial jobs, working in construction, as a porter, and sleeping on the streets. But it was in these difficult circumstances that his drive to succeed was forged. His work philosophy was simple but powerful: "Even cleaning toilets, I strive to be the best cleaner."
His dedication, even in a humble job, caught the attention of a real estate businessman who offered him an opportunity. He earned a considerable sum, but then lost it all in the 1967 stock market crash. Undeterred, he returned to real estate.
His shrewd business acumen was evident in his legendary purchase of Bruce Lee's mansion. After the martial arts star's sudden death, the house was considered "unlucky." Yu renovated it, rented it out, and reaped huge profits.
In 2008, he sold the mansion and other properties, raising 200 million HKD, which he donated entirely to victims of the Wenchuan earthquake.
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Billionaire Yu Pengnian. Photo: VCG |
Billionaire Yu Pengnian. Photo: VCG
A life of simplicity and extreme generosity
Even after becoming a billionaire, Yu maintained a surprisingly simple lifestyle. Staff at the Pengnian Hotel were accustomed to seeing their boss dining in the staff canteen with a plate of vegetables and fried eggs.
This simplicity contrasted sharply with his generosity in philanthropy. He could spend millions of USD on mobile medical units for the community while remaining frugal in his personal spending.
His dedication to work also inspired respect. Even in his 80s, he maintained his habit of patrolling every floor of his hotel at midnight.
"He said he had touched every brick of the hotel. We once saw him dozing off in a chair while getting a haircut because he was so tired," a former employee recalled.
Lifelong mission: Giving is everything
Yu’s father was an honest merchant, well-liked by his neighbors. When Yu was young, a flood destroyed their home. It was these same neighbors who helped his family through the disaster.
His father's advice, "If you become successful, never forget the kindness of our neighbors," inspired the tycoon to dedicate the latter half of his life to giving back to society.
His greatest legacy is "Project Vision," which provides free cataract surgery to the poor. Drawing on his own experience, he understood the joy of regaining sight. The program has treated nearly 400,000 patients in numerous countries, earning him the nickname "Messenger of Light."
He also poured his heart into the Pengnian Building, a 5-star hotel in Shenzhen. He likened it to a "hen," declaring that all its profits would be perpetually used for social good.
In 2010, at a gathering hosted by Bill Gates and Warren Buffett, Yu publicly pledged his entire fortune, becoming the first widely recognized "naked donor" in China.
His reasoning was clear: "Wealth taken from society should be used for society. If my descendants are capable, they don't need my money; they can earn their own. If they're not, leaving them money would only harm them."
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Yu Pengnian dedicated the latter half of his life to philanthropy, donating his entire fortune to society instead of leaving it to his descendants. Photo: VCG |
Yu Pengnian dedicated the latter half of his life to philanthropy, donating his entire fortune to society instead of leaving it to his descendants. Photo: VCG
Foundation for a century-long legacy
To ensure his wishes were carried out, he signed a trust agreement with a bank and established a management committee composed of respected figures. Notably, his son is a member of the committee, with oversight powers, but no inheritance rights.
Although a brief family dispute over the estate arose after his death, his descendants ultimately honored his wishes. A judge remarked, "Mr. Yu Pengnian's inheritance case reveals a beautiful aspect of humanity."
In his final days, he advised his grandson, Peng Zhibing: "Philanthropy benefits society and the family's spirit. We must continue this work, forever." This is the most valuable legacy he left behind.
Minh Phuong (Hong Kong Business Daily, Sohu, KH01)
