October 25, 2013
BEIJING (AP) — Wall Street tycoon Stephen A. Schwarzman helped break ground Thursday on a college building in Beijing that will house a $300 million scholarship program bearing 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 on the campus of Tsinghua University. The first class of Schwarzman Scholars will study there in 2016.
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