BEIJING, Nov. 21 (Xinhua) -- China's prestigious Peking University has received a record 173.3 million yuan (21.9 million U.S. dollars) from the inheritance fund of a late Singaporean billionaire.

The president of Peking University Xu Zhihong and Mavis Oei, daughter of late Singaporean banker Khoo Teck Puat, signed a donation contract on Monday. A better part of the donation - 150 million yuan (19 million U.S. dollars) - will be spent on the construction of a new gymnasium and a table tennis arena to be used for the 2008 Beijing Olympics.

"The new gymnasium and the major conference hall of a school of governmental administration under the university will be named after Khoo Teck Puat," said Xu. The new gymnasium is expected to be completed next August.

"The government spends eight million yuan on developing the university infrastructure each year, only 10 percent of its total cost," said Chen Wenshen, vice president of the university.

"Most of the money we need we have to raise ourselves," said Chen.

Khoo Teck Puat was formerly listed as the richest man in Singapore by Forbes. He died in February 2004, leaving a legacy of 700 million Singaporean dollars (448.3 million U.S. dollars).

Khoo's children distribute the fund to medical treatment, health care and education, according to his wishes.