Blackstone Chief Starts $300 Million China Scholarship

Stephen Schwarzman, the billionaire chairman of Blackstone Group LP, is setting up a $300 million scholarship for foreign students to attend China’s Tsinghua University, the alma mater of senior officials including President Xi Jinping.

Schwarzman, 66, is giving $100 million of his personal wealth to the Schwarzman Scholars program, which will enroll students from the U.S. as well as Europe, South Korea, Japan, India and other nations, according to a statement today. The program is seeking to raise an additional $200 million and has commitments for half that amount from sponsors including Bank of America Merrill Lynch, Boeing Co., Caterpillar Inc. and General Electric Co.