BUFFETT AND GATES ON CHINESE MISSION

(FT) -- Having persuaded many of their billionaire peers in the U.S. to give away chunks of money, Bill Gates and Warren Buffett are traveling to China to sell newly minted Chinese tycoons on the value of philanthropy.

But the fear of being seduced into giving up part of their fortunes might have scared some of the tycoons away from a dinner that the crusading U.S. billionaires are hosting in Beijing this month.

The exclusive list of attendees includes Zhang Xin, CEO of Chinese SOHO China, the real estate developer, and Wang Chuanfu, head of BYD, the car and battery maker, who counts Buffett as an investor.

But according to the Chinese media, the head of the Bill and Melinda Gates Foundation in Beijing is worried that some invited guests might be reluctant to come.

"A small number of people declined the invitation to attend, while many of the invitees called to ask whether they would be required to pledge a donation at the dinner," the director of the foundation's China program, Ray Yip, was quoted as saying.

"Their biggest fear is being embarrassed and put on the spot." Yip's spokesperson did not dispute his comments, carried on a major news portal and the Economic Observer, when contacted on Friday.

Yip said the dinner was intended to allow Gates and Buffett to get to know friends and exchange ideas about partners interested in charity, not to convince Chinese tycoons to make donations.

Gates and Buffett might send out an explanatory letter reassuring their guests that they would not be put on the spot in the way their U.S. counterparts had been, according to Chinese media reports.

The pair's initiative, launched in the U.S. in June, has already secured support from many wealthy American individuals and their families.

Rupert Hoogewerf, who compiles the Hurun Report, China's rich list, said many Chinese remained sceptical of the motivations of people donating money.

"The most important stakeholder in all charities in China is always the government, and there is usually a suspicion that a lot of donations are not pure philanthropy but rather influence-buying by wealthy business people."

But Hoogewerf was optimistic about the U.S. pair's work in China, especially after the 2008 Sichuan earthquake, which changed the priorities of many Chinese entrepreneurs.

"Bill Gates and Warren Buffett are idolised by Chinese entrepreneurs," he said. "Their coming out here is likely to kickstart philanthropy in China."
By Jamil Anderlini, FT.com