Certainly this is one of the most powerful presentations of the Christmas story in brief song form. Chip Stam has this to say of this hymn:
Serving as Editorial Secretary for the China Inland Mission, Frank Houghton made a trip to China in 1934 to see first-hand the progress of the work. This hymn was written at a particularly difficult time in the history of the missions to China. Missionaries had been captured by the communist Red Army and released in poor health after over a year of suffering. Others had been captured never to be heard from again. In 1934 the young missionaries John and Betty Stam (my great aunt and uncle) were captured in Anhwei and beheaded . The news of these sorrows had reached the mission’s headquarters in Shanghai. Though this was a very dangerous time for both the Chinese Christians and the foreign missionaries, Frank Houghton decided he needed to begin a tour through the country to visit various missionary outposts. While traveling over the mountains of Szechwan, the powerful and comforting words of 2 Corinthians 8:9, “though he was rich, yet for your sake he became poor,” were transformed into this beautiful Christmas hymn.
Thou who wast rich beyond all splendour,
All for love’s sake becamest poor;
Thrones for a manger didst surrender,
Sapphire-paved courts for stable floor.
Thou who wast rich beyond all splendour,
All for love’s sake becomes poor.
Read the rest of the lyrics at Chip Stam’s 1996 WQOTW post.