Understanding new generation of charitable Chinese: Calvin Lo’s long distance philanthropy succeeds
The last few months have really been tough for people across the world. Various charitable organizations have shown their power by making optimal use of their status. It is also the time when wealthy people have focused their mission to support governments. On the frontline of offering supplies to test vulnerable people donations made by some individuals have been highly appreciated.
The power of Calvin Lo’s charity indicates how the new generation of Chinese entrepreneurs are building their reputation…not through their business but by the power of charity and rising to the occasion. And also what makes him so different from Jack Ma another Chinese charitable and high profile donor from Asia.
Private sector’s role
There is no doubt the private sector has a huge role to play in tacking COVID 19 crisis. Companies like R E International based in Hong Kong have become beacons of hope in several areas. It is remarkable that an insurance brokerage company stands out in the times of crisis.
The fact that the young, bashful CEO Calvin Lo set up three different charities is appealing. Being an owner of a wealthy hedge fund company spread internationally, about USD $ 200 million have been allocated for charities. They exist in Cayman Islands but are actively used in times of crisis. COVID 19 has once more revealed the power of good charity. The Chinese-Canadian origin CEO cum philanthropist’s low key charities reveal, it is not necessary to shout out loud or spread the news of your charitable acts. Doing it privately is appreciated more.
Calvin Lo donates quietly
Masks worth USD 5 million and 35, 000 boxes of hand sanitizers reached Taipei, Taiwan for the poor who are vulnerable and have no means to spend or take care of their health. As part of his charity, he provided USD 8 million in Wuhan where the pandemic continues to scare local people. Lo’s personal wealth is estimated around USD 1.7 billion. It is no wonder; he moves around with his own security all over the world.
Unlike other wealthy Asians like Jack Ma, who is well known, Calvin Lo prefers to lie low on charitable deeds. Of course it is time to understand the new generation of Chinese donors like this CEO of R E International.
The current focus us specific… to be useful in providing funds for those affected by the deadly corona virus. That is why as a thoughtful donor he has given away additional 300,000 masks and 20,000 bottles of hand sanitizers for patients in Hong Kong.
Ventilators a very crucial medical supply has reached New York State to save many people. About US$5 million have been spent for it with special care. Just making a donation is not sufficient. Lo has researched and then made a humungous contribution.
This long distance philanthropy brings out the very need to contribute in the direction even if it is for charity. And, it stems from his business-like sharp acumen, which makes him one of the wealthiest people in Asia. Spending money for the right resources is very integral and valuable when handling large foundations for humanitarian purposes.
Is China’s image being re-polished through charities?
Early wealthy donors like Jack Ma, Marc Benioff, Joseph Tsai, Yichen Zhang have been in the limelight for their donations. As the corona virus originated in Wuhan, the gestures of Chinese wealthy donors tell a different story. Quietly, low key wealthy donors like Calvin Lo are improving the denting image of China.
Taking up a social responsibility to tell the world that Chinese are equally concerned is important. Contributions made by Calvin Lo signal that such acts keep the trade going across the world. Jack Ma may be a well recognized philanthropist unlike Lo as they are different sides of the same currency.
It is safe to say that the Yuan has two sides- one is shining and the other is illuminating. It still continues to act socially responsible in times of crisis.