Dec 13, 2016 06:34 PM

Three of China's Richest Entrepreneurs Back $1 Billion New-Energy Fund

Zhang Xin (left) and Pan Shiyi (center), co-founders of the Soho real estate empire, and Jack Ma, founder and chairman of Alibaba Group Holding Ltd., are three of the 21 global business leaders to contribute to the $1 billion Breakthrough Energy Ventures Fund. Photo: Visual China

(Beijing) — Three Chinese billionaires were among 21 global business leaders to launch a $1 billion fund in support of clean-energy development this week, representing a new generation of philanthropy from China's newly wealthy.

Jack Ma, founder of e-commerce giant Alibaba, and Zhang Xin and Pan Shiyi, founders of the Soho real estate empire, contributed to the Breakthrough Energy Ventures Fund, which is led by Microsoft Corp. co-founder and major philanthropist Bill Gates.