The Massachusetts Institute of Technology (MIT), a NEC member, recently received a $118 million gift from alumnus Samuel Tak Lee, a Hong Kong real estate developer. The donation will be used to establish a lab for sustainable and responsible real estate development.
Mr. Lee said his generous gift was motivated by a desire to build a real estate program which focuses on 21st century issues, including environmental challenges, growing populations and a changing global economy. His donation will also be used to fund fellowships for both U.S. and international students, support research on sustainable development, make the lab’s curriculum available online, and establish both a ‘Think Tank’ and a research fund to promote continued commitment to responsible real estate development. The lab will focus on China as a model of sustainable 21st century real estate practices and complexities.
MIT President Rafael Reif said of the donation: “With this gift, Sam Lee aims to tap the transformative power of real estate to shape the built environment, and thereby to shape society and culture, to enrich our share civic life, to increase our harmony with nature- in short, to make a significant positive impact on the world.”
The New England Council congratulates MIT on this exciting opportunity and looks forward to the research and development which result from this donation.