The city of Hong Kong woke up to shocking news recently. Taiwan’s most prestigious luxury hotel, the Mandarin Oriental Taipei, found its ownership had officially changed hands at the end of last month, following a generous transaction of US$1.24 billion, Taiwan Economic Daily News reports.
The hotel – which is one of the most iconic hospitality properties in Asia – has been awarded the highest 5 Red Pavilions award by the Michelin Guide Taipei 2018. It plays host to bigwig clients, which include movie stars, politicians, and business tycoons.
In its interview with the press, the hotel management – then led by businessman Lin Ming-chun of Kai Tai Fung International Co Ltd – declined to confirm who the anonymous buyer had been. Speculations floated that the buyer could only be one of Hong Kong’s super-rich businessmen or businesswomen.
Insurance Heir Stuns All in An Extravagant Purchase
The name of the mystery buyer finally came to light this month, and the news has surprised many throughout Greater China. The man behind the acquisition is the owner and Chief Executive Officer of the world’s leading life insurance brokering company R.E. Lee International – Calvin Lo.
Lo, who is the heir to the world’s biggest life insurance brokerage dynasty, actively works with the world’s super rich and provides them with comprehensive life insurance policies as part of their estate planning. His team also specialize in succession planning, estate division, and other wealth planning services. Lo also manages an AUM worth US$8 billion in his self-founded subsidiary asset management firm, R.E. Lee Capital.
While the purchase of a profitable commercial property makes sense for Lo, who is, after all, an enterprising businessman, what is surprising is that he decided to splurge on the iconic Mandarin Oriental Taipei – one of the most expensive properties in all of Taiwan.
Compared to his peers around the world, Lo has always been a reticent billionaire, who has shied away from the public eye. In fact, many Hong Kong-based business tycoons don’t even know who he is. He never give any interviews and always has a security detail around to prevent prying reporters from filming him. When it comes to his investments, Lo is even more cautious and doesn’t display his wealth to the world. For all intents and purposes, Lo is a secretive billionaire who refuses to appear on any rich list. Despite having many other expensive and high-profile assets in his portfolio, the Mandarin Oriental Taipei hotel will continue to be Lo’s most visible investment, predominantly because of the hotel’s legacy in Taiwan.
In addition to the hotel itself, Lo has also purchased the adjacent plot of land measuring 149,446.13 square feet. What plans he has for this property are as yet unknown. However, it is widely reported that Lo and his team have big plans to change the operational and growth strategies of the Mandarin Oriental Taipei property.
Unlike other business people, local media reported that Lo has self-funded his entire purchase. There were no loans or public investments in this venture. The insurance giant ensured there was no fuss about the entire proceedings and efficiently brought the ownership of a very lucrative property under his control.
Privacy is key to this under the radar billionaire, who keeps all of his personal and professional doings a complete secret.
A Philanthropist with a Large Heart
Not only is Lo an unassuming man who keeps a low profile, but he is also one of Hong Kong’s leading philanthropists. The business heir supports NGOs across the city, both anonymously and with his name. He is also a nature lover who is a part of the Jane Goodall Institute board. A large part of his finances goes towards the well-being of animals, the community and the environment.
John Mcafee – Predictions For The Future
John McAfee is a world-famous tech CEO, computer scientist, civil disobedience activist, privacy advocate, and pioneer of the commercial anti-virus...
Gaby Wall Street – Teaching Latinas to Thrive During The Crisis
It’s no secret we are facing one of the most challenging financial times of the last few decades as we...
Tony Delgado – The #1 Entrepreneurship Movement In Puerto Rico
Puerto Rican online market is in constant progress. With many entrepreneurs who are coming here to start a business, it...
Elena Cardone – The 10X Ladies Conference Is Declaring 2020 The Decade For Women
The next ten years are meant for women to continue growing their potential and succeeding in multiple areas, including business....
50 Million Dollars Later Kosi Stobbs Is An Immigrant Success Story
Canada, due to its favorable immigration policy, has attracted diverse nationalities to live among its natives. Consequently, the country has...
Multi Talented Artist Laci Kay Somers Reveals Her Secret To Compounding Her Wealth
Everyone wants to know the secret to getting rich but we all know that after studying the likes of Warren...
How Josh Elizetxe Built Snow Into a $40 Million Dollar Business
There is nothing quite like an entrepreneur’s determination when starting a business. That’s my original quote by the way (pun...
How Jason Capital Became A Self Made Millionaire By 24
Have you ever wanted to earn the respect of everyone who ever looked down on you at some point in...
Sam Bakhtiar On His Way To A Quarter Billion
Dr. Saman Bakhtiar, who prefers being referred as Sam, lives in an 8200 square foot $5.2 million house, Sam is...
Entrepreneurship2 days ago
Hugo B. Sanchez: The Secret Mentor Behind Our Favorite Entrepreneurs
Entrepreneurship1 week ago
This Model is Changing The Lives of Hundreds of Individuals Worldwide: Meet Ashley Resch
Community1 day ago
How Oli Nold Builds Profitable Online Communities That Give Value To It’s Global Members
Entrepreneurship2 days ago
Meet Tyler Webster The Entrepreneur Making A Positive Impact
Entrepreneurship3 days ago
Michael Portone and his Online Luxury Boutique Endless Supply LLC
Entrepreneurship4 days ago
How to Build the Right Team to Scale Your Business Up
Entrepreneurship2 weeks ago
A Doctor Turned Philanthropist: This Is The Story Of Dr. Kristofer Chaffin
Executive Voice2 weeks ago
Learn How Trevi Pershay Founder Of Trevi Pershay Productions Is Making An Impact In The Community