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Tiens Group, a Chinese food company with operations in around 168 countries and regions, pledged Saturday to donate money and goods valued at 260 million yuan (US$31 million) to needy institutions and individuals.
Li Jinyuan, president of the group, made the announcement, saying the donations will be made each year prior to the 2008 Beijing Olympic Games.
Li was listed 32nd in Forbes' 2001 ranking of Chinese billionaires, with a personal asset of 1.25 billion yuan (US$151 million).
From late September to mid November, the group will give 42 million yuan (US$4.8 million) worth of health-care food to the disabled, the poor and ethnic people in the remote rural areas across the country, according to Pang Meihua, marketing manager of the group.
The group has to date made donations of money and goods valued at 320 million yuan (US$38.6 million).
(Xinhua News Agency September 29, 2002)
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