Archive for ‘philantropy’

04/11/2014

Ebola crisis highlights China’s philanthropic shortfall – China – Chinadaily.com.cn

China has contributed over $120 million to fight the spread of the Ebola virus, but its billionaire tycoons – it has more than anywhere outside the United States – have, publicly at least, donated little to the cause, underscoring an immature culture of philanthropy in the world’s second-biggest economy.

Ebola crisis highlights China's philanthropic shortfall

As the ranks of China’s wealthy and the success of its corporations grow, donating to good causes has yet to take off in a significant way. China sits towards the bottom of the list of countries where people give money to charity, volunteer or help a stranger, according to The World Giving Index, compiled by the Charities Aid Foundation.

China rushes help to Ebola-hit countries

Donations to charities totalled 98.9 billion yuan ($16.1 billion) in 2013, according to Chinese government data, recovering from two straight years of declines. For comparison, Americans gave more than $335 billion, according to the National Philanthropic Trust website.

Many big Chinese companies have invested in Africa – China is Africa’s leading trading partner – and several operate in West Africa, where Ebola has been at its most lethal, killing close to 5,000 people. These include construction, infrastructure and telecoms firms such as Huawei Technology Co Ltd, China Henan International Cooperation Group and China Communications Construction Co Ltd.

A Huawei spokeswoman said Africa was an important market, but declined to comment on philanthropy or specific ventures in Ebola-hit countries. China Henan and China Communications Construction did not respond to requests for comment.

The World Food Programme (WFP) last month called on Chinese firms and tycoons to donate more to fighting Ebola.

“No one’s been willing to do anything big yet,” said Brett Rierson, the WFP’s China representative.

via Ebola crisis highlights China’s philanthropic shortfall – China – Chinadaily.com.cn.

11/09/2014

Can Jack Ma’s Alibaba Fortune Jump-Start Chinese Philanthropy? – Businessweek

Harvard just announced its largest-ever donation: a $350 million unrestricted gift to its School of Public Health. The donor is Hong Kong-based Morningside Foundation, led by two brothers who earned their fortunes in real estate, private equity, and venture capital. One brother, Gerald Chan, earned a graduate degree from Harvard. The school will be renamed in honor of their late father as the Harvard T.H. Chan School of Public Health.

Jack Ma on July 15

Greater China is home to 358 billionaires (including 64 Hong Kong billionaires), according to the 2014 Hurun Global Rich List. Yet with a few exceptions—including the Harvard gift and Chinese tech titans’ recent fondness for the ice bucket challenge—a culture of domestic philanthropy has been relatively slow to take root. Bill Gates and Warren Buffet hosted a lavish 2010 dinner in Beijing intended to encourage the Chinese elite to embrace philanthropy, but several tycoons snubbed the Americans’ invitations and declined to open their wallets.

Now, at last, China has a powerful homegrown evangelist for philanthropy: Jack Ma. As co-founder and executive chairman of Alibaba Group, which filed paperwork last week to raise as much as  $21.2 billion in an initial public offering on the New York Stock Exchange, he is one of China’s most respected and closely watched tycoons—and he’s publicly embracing a culture of giving.

Ma joined Alibaba co-founder Joe Tsai earlier this year in establishing a personal philanthropic trust to be “funded by share options granted by Alibaba … for approximately two percent (2%) of Alibaba’s equity,” according to a statement. The trust will focus on the “environment, medicine, education, and culture.” In Ma’s words, “Alibaba was founded 15 years ago with a mission ‘to make it easy to do business anywhere’ and a set of principles and values that emphasize our responsibility to society. Giving back to society is deeply embedded in Alibaba’s culture.”

The total value of the fund will depend on the performance of Alibaba’s upcoming IPO. If the company is valued at $120 billion, or more, the charitable trust will be worth at least $2.4 billion.

via Can Jack Ma’s Alibaba Fortune Jump-Start Chinese Philanthropy? – Businessweek.

01/12/2012

* Chinese tycoons advised on charity

China Daily: “Western experience sought after to advance China’s development

The newly rich in China are looking to the West for experience again. But this time, they want to learn how to spend money, rather than how to make it.

Zhang Xin, CEO and co-founder of Soho China, a leading real estate developer, said she had no clear strategy when she started her journey into philanthropy.

“In the early days, when I established the Soho China Foundation, we did not have a clear plan. We gave money to build a school here and set up a kindergarten there and rushed to help people affected by a tsunami,” Zhang said.

Zhang said she gradually realized that it is important to discover the pressing social problems China faces and then choose one field that requires a huge investment of money and human capital.

The female billionaire said her foundation started the project Teach for China, which is dedicated to training teachers in rural schools in Northwest China’s Gansu province, one of the most impoverished provinces, six years ago.

“Teach for China is what we learned from an American foundation,” she said.

Zhang made her remarks at the China Philanthropy Forum 2012, which was jointly held on Friday by the China Association for International Friendly Contact, Caijing Magazine and other organizations in Beijing.”

via Tycoons advised on charity |Society |chinadaily.com.cn.

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