Korean Businessman Donates $2.3 Mil. to Michigan University
By Park Si-soo
Staff reporter
A Korean-born businessman in the United States donated $2.3 million (2.1 billion won) to his alma mater, the University of Michigan, Tuesday, for the development of Korean studies.
Nam Sang-yong, who has run a building management company in Detroit for 16 years, said he wants the fund to be used to expand Korean studies in the U.S.
The university plans to recruit prominent scholars and provide various learning opportunities and finance innovative research projects about Korea.
It is not the first time the entrepreneur has donated funds.
He has already endowed three scholarships amounting to $4.3 million at two universities in Korea and one in China.
Also, in 2004, he gave $1 million to the University of Michigan to enhance understanding and collaboration between the university and Korea.
The 73-year-old businessman also runs a student and faculty exchange program between the university and many Korean institutions including Chung-Ang University.
Nam, who emigrated to the United States in 1964, founded Nam Building Management in 1991 and earned a master's degree in city planning from the University of Michigan in 1966. He currently owns 453 rental units in 50 buildings across the U.S.
``We arrive empty handed and we leave empty handed,'' he said. ``If I make more money, I'll donate more money.''