Bloomberg News has an article reporting, "The Chinese government, along with philanthropy and tuition, will pay for the New York University campus slated to open in Shanghai in 2013, the school's president, John Sexton, said." When the New York Times reported plans for the new campus back in March it made no mention of the Chinese government funding.
The Bloomberg article focuses on a number of American professors who have been banned from China by the government there. It doesn't say how much money the Chinese government has committed. There's also a somewhat intriguing passage in the Bloomberg article about Timothy Geithner enlisting his father, Peter Geithner, who sits on the board of the National Committee on United States-China Relations, to help press the case of one of the banned American professors with the Chinese government.