While his name is to grace a landmark Sydney building, Australian-Chinese business leader Dr Chau Chak Wing signed off on a no less enduring legacy at UTS this week with the formal establishment of a scholarship endowment to benefit both Australian and Chinese students.
The $5 million endowment – announced at the time of Dr Chau's $20 million gift towards the construction of the Frank Gehry-designed UTS Business School building – will generate around $250,000 a year to support a broad spectrum of scholarships.
Dr Chau signed the formal agreement on Tuesday after visiting the site of the Dr Chau Chak Wing Building with a party including Federal Minister for Infrastructure and Transport Anthony Albanese. Excavation of the site is expected to be complete mid July with a projected 2014 handover of the completed building.
UTS Vice-Chancellor Professor Ross Milbourne said Dr Chau's scholarship endowment would build relationships in China to complement his contribution to the building work on the UTS campus.
"The scholarships will support Australian students to study in China and vice versa, covering undergraduate, postgraduate and some exchange programs, potentially in all disciplines," Professor Milbourne said.
"The endowment will create extraordinary opportunities for Australian and Chinese students to build a deeper understanding of each other's countries and cultures as well as creating future institutional and research links.
"We hope this will be a catalyst to build enduring relationships at the teaching and research level, not only with our existing Key Technology Partners in China, but with many other universities and institutions."
A committee to manage the endowment will now be established with the first scholarships to be awarded next year.