Xiong Shuihua was born in Xiongkeng village in the city of Xinyu, southern China and said that his family had always been well looked after and supported by residents in his childhood.

So when the 54-year-old ended up making millions in the steel industry he decided to repay the favour - for free.

The business tycoon decided to return to the village and give everybody a place of their own to live, The Daily Mail reports.

Five years ago, the area was run down and many lived in basic homes.

But the area has been transformed in recent years and now 72 families are enjoying life in luxury new flats.

Meanwhile, 18 families, who were particularly kind to the businessman, were given villas of their own in a project costing close to £4 million.

After moving in, he even promised three meals a day to the older residents and people on a low income to make sure they could get by.

The multimillionaire made his money first of all in the construction industry and later by getting involved in the steel trade.

He said: “I earned more money than I knew what to do with, and I didn’t want to forget my roots.

“I always pay my debts, and wanted to make sure the people who helped me when I was younger and my family were paid back.”

Elderly local Qiong Chu, 75, said: “I remember his parents. They were kind-hearted people who cared very much for others, and it’s great that their son has inherited that kindness.”