SOHO endows $10m to Yale

SOHO China President Pan Shiyi and Yale University President Peter Salovey signed the deal in Wangjing SOHO in Beijing, China on Oct 29, 2014. [Photo/Provided to chinadaily.com.cn]

The SOHO China Foundation on Wednesday signed an agreement with Yale University endowing $10 million in "SOHO China Scholarships" to the university.

The SOHO China Scholarships is a $100 million initiative launched by the SOHO China Foundation to create financial aid for Chinese students to obtain undergraduate education at the world's top universities.

"Every person's potential is like a hidden gem, and education is the tool that unlocks human potential. The SOHO China Scholarship's aim is to provide the best possible educational opportunities to the most outstanding students from Chinese mainland, enabling them to maximize their potential in their contribution to mankind," said SOHO China Chairman Pan Shiyi.

Yale University has longstanding ties with China.

Yung Wing, China's first student to study in the United States, matriculated from Yale in 1854. Yale was also the first university in the United States to teach the Chinese language.

"This gift will help top Chinese national students access a Yale education today and for generations to come. The SOHO China Foundation's extraordinary generosity will encourage outstanding students from China to apply to Yale and assure them, should they be admitted, that we will meet their full demonstrated need for financial support," said Yale University President Peter Salovey.

According to Salovey, Chinese students are the biggest group among Yale's international students, both among the graduate and undergraduate studies.

On the occasion of this signing with Yale University, the SOHO China Foundation urged China's top students to apply to leading international universities, such as Harvard and Yale.

These are schools that accept students regardless of socioeconomic background, and provide need-based full financial aid to students who qualify.

Yale University is the second university to partner with SOHO China Scholarships.

In July 2014, the SOHO China Foundation signed a $15 million gift agreement with Harvard University to endow financial aid scholarships for Chinese undergraduate students there.

The SOHO China Foundation will continue to expand its efforts, seeking partnerships with other leading international universities.

The SOHO China Foundation was established in 2005 as a philanthropic organization solely funded and operated by SOHO China, China's largest prime office property developer, headed by CEO Zhang Xin and Chairman Pan Shiyi.

The SOHO China Foundation has chosen education as its chief philanthropic cause with the strong conviction that education is the most transformative force in a person′s life, and the most transformative force in inspiring the betterment of greater society.

The SOHO China Scholarships aim to actively raise public awareness about financial aid policies at top international universities, and encourage the best Chinese students to apply.

SOHO China CEO Zhang Xin said: "If you get in to Yale, you do not have to worry about the financial burden, the SOHO China Scholarships will help provide you with financial aid."