China’s soon-to-be first-ever private research university is on the right track.
The nascent Westlake University received around 700 million yuan ($101.36 million) in cash donations in 2018, according to a report from Westlake Education Foundation. That’s enough to cover basic operations of both the university and the Westlake Institute for Advanced Study going forward, a fundamental research entity.
By the end of 2018, total promised donations to Westlake University reached 4.3 billion yuan, the report shows. On top of that, the foundation booked a 32.24 million yuan profit generated by investment.
Dr. Liu Minhao, executive secretary of the foundation, told Caixin that in eight to 10 years, the foundation will build a financing pool of over 20 billion yuan for the university and institute.