Page 27 - Forbes - Asia (December 2019 - January 2020)
P. 27
TANG WEE KIT, 64
Chairman, Tang Holdings
SINGAPORE
To commemorate Singapore’s
bicentennial, the chairman of
investment and property group
Tang Holdings in May donated the
largest private collection of books
and letters once owned by Sir
Avasara Academy Stamford Raffles to the National
Museum of Singapore, saying it
belonged to the nation. Raffles
to train counselors and social
workers on caring for the elderly played a key role in establishing
MARY ANN TSAO, 64 in community settings. Tsao is Singapore as a thriving British
Director, Tsao Family Office the daughter of late shipping trading port, attracting migrant
workers like Tang’s father. Tang
SINGAPORE magnate Frank Tsao, a Shang-
hai-born entrepreneur who owns 98% of Tang Holdings and
Through their Tsao Foundation, founded the IMC Group. She purchased his entire Raffles col-
Tsao and her family have do- also leads the family’s invest- lection in two auctions, in 2004
nated $2 million over the past ment office, which has interests and 2005, for a total of £560,000
year to caring for the elderly, in property, manufacturing, F&B ($730,000 in today’s dollars).
bringing the family’s total giving and investments. The foundation Tang Holdings in 2015 donated
to $55 million since the founda- was formed in Singapore by her $750,000 to ethnic charities and
tion was established in 1993. then-89-year-old grandmother, needy schoolchildren to mark the
As chairman, Tsao oversees its who convinced Tsao to leave her 20th anniversary of its flagship
primary goal to improve senior thriving career as a pediatrician Singapore property, Tang Plaza,
ATUL NISHAR, 64 citizens’ quality of life, enabling in New York to help build the which houses the company’s
headquarters, Tangs department
Founder and Chairman, them to lead active social lives organization. In 2017, the Asian store, and the Marriott Tang Plaza
COURTESY OF HEXAWARE TECHNOLOGIES; COURTESY OF TSAO FOUNDATION; COURTESY OF TANG HOLDINGS
Hexaware Technologies and age comfortably at home. Development Bank appointed Hotel. —Pamela Ambler
INDIA Among the foundation’s notable the Tsao Foundation as a partner
initiatives: launching the Hua Mei in its $2.5 million project on
After selling his stake in soft- Mobile Clinic in 1993, Singa- “Strengthening Developing
ware services firm Hexaware pore’s first healthcare service for Member Countries’ Capacity
Technologies in 2013 to Barings homebound elders; and creating in Elderly Care,” to exchange YOSHIKI HAYASHI, 54
Private Equity Asia for $200 in 2016 the country’s first ge- knowledge on eldercare services. Cofounder, X Japan
million, Nishar has donated rontological counseling program —Jolie Tran JAPAN
roughly $1.5 million annually to
various causes. This year Nishar After his home prefecture
Mary Ann Tsao
gave $1.5 million to a center for Chiba was hit in September by
leadership at the Avasara Acad- a typhoon, Hayashi donated ¥10
emy, a girl’s school near Mumbai million ($92,000) to help victims
that provides free education to there. The leader of the popular
underprivileged students. He Japanese band X Japan, Hayashi,
was one of the early donors who resides in Los Angeles, has
to Ashoka University, a private contributed to causes mainly in
university, and in 2016 donated Japan and the U.S. through his
$1 million to SRCC Children’s Yoshiki Foundation America.
Hospital in Mumbai, India’s larg- Started in 2010, the foundation
est pediatric hospital. The tech has contributed to disaster relief,
entrepreneur has also estab- orphanages, and treatment
lished three computer educa- for children with bone-marrow
tion centers in southern India, disease. He has also held concert
which provide free training. fundraisers in Japan, and in 2018
“Being able to contribute in this auctioned a drum set for ¥6 mil-
way makes me feel good,” says lion to fund the Japanese
Nishar. —Naazneen Karmali Red Cross. —James Simms
DECEMBER 2019 / JANUARY 2020 FORBES ASIA | 25
