BEIJING (AP) -- Wall Street tycoon Stephen A. Schwarzman has helped break ground on a residential college building in Beijing that will house a $300 million scholarship program bearing in his name that is intended to rival the prestigious Rhodes Scholarships.
Accompanied by Chinese government and university officials, the founder of the private equity firm Blackstone turned a shovel at a ceremonial event Thursday on the campus of Tsinghua University. The first class of Schwarzman Scholars will study there in 2016.
Schwarzman says he's setting up the program to train a new generation of leaders with better understanding of China as the world's geopolitics shift to the rising power.
Schwarzman has personally contributed $100 million to the program and is leading a campaign that has raised $160 million toward the $200 million goal.