(Yicai Global) July 31 -- The chairwoman of Country Garden Services Holdings, the property management arm of Chinese developer Country Garden, has donated about HKD6.4 billion (USD830 million) of her shares in the firm to charity.

Yang Huiyan donated 675 million shares of Country Garden Services, equal to 20 percent of the total, to the Guoqiang Foundation Hong Kong, the Foshan-based company said in a statement yesterday.

The Guoqiang Foundation, established by Yang’s younger sister, pledged not to sell the shares in the next 10 years. The foundation will enjoy all rights and interests as a shareholder except voting rights, which will remain with Yang.

The foundation plans to use the proceeds of the shares to support the growth of science, education, culture, healthcare, and adolescent life in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area and for other public welfare purposes, such as subsidizing the underprivileged, disaster relief, and rural revitalization in the Chinese mainland.

After the donation, Yang still has a 16.1 percent stake in Country Garden Services. Despite being dethroned as the company’s largest shareholder, she would still owns about 36.1 percent of the voting rights, remaining in control.

Yang was named chairwoman of Country Garden Services in March when her father Yang Guoqiang stepped down from the positions of chairman and executive director.

Editors: Shi Yi, Futura Costaglione