IPO on Buddhist mountain makes business of religion

[Ensapa]

Glad to see that the Chinese are standing up against the commercialization of Buddhism in China. If this keeps up, Buddhism will be restored to its former glory in no time. This renaissance of Buddhism in China was more or less, triggered by the Dorje Shugden ban as before this China was not keen at all on Buddhism. Perhaps this is the one thing that we can rejoice about with the ban. What do you guys think?

IPO on Buddhist mountain makes business of religion
Updated: 2012-08-23 07:47 By Li Yao ( China Daily)

The Buddhist Association of China is strongly opposed to a plan for a public offering by a tourism development company that provides services around a sacred Buddhist mountain in East China.

Master Puzheng, the association's spokesman, told China Daily on Tuesday that the plan to launch the company on the stock market is trying to turn religious appeal into business and will undermine the development of Buddhism in the long run.

Putuo Mountain Tourism Development, a State-owned company that operates tourist facilities around Putuo Mountain in Zhoushan, Zhejiang province, unveiled its intention for an IPO in June to promote tourism and Buddhist culture.


A giant Kwan-yin statue at Zhejiang province's Putuo Mountain, one of four holy Buddhist mountains in China. Provided to China Daily

The announcement soon caused a public outcry over the reputation of the sacred mountain and the overt commercialization of Buddhism.

Ding Hongbin, deputy director of Putuo Mountain's management committee, said the IPO plan does not involve any Buddhist entity and has no clear timetable, according to a report on Tuesday by Oriental Morning Post, a newspaper in Shanghai.

Ding said the plan had nothing to do with Buddhism and the company only used the "Putuo Mountain" brand to seek expansion. The five underling entities considering an IPO include cable cars, bus and ferry providers, an incense manufacturer and a tourist service center.

Putuo Mountain received 3.15 million visitors from January to June, generating revenue of about 2 billion yuan ($315 million), according to official figures.

Master Puzheng said he has never heard of similar plans involving famous Buddhist sites abroad.

For example, Master Puzheng said, the Kiyomizu Temple in Kyoto, Japan, attracts many visitors, especially during the cherry blossom season. Yet it exists mainly as a place of worship for Buddhist believers and for travelers to rest, and it has not mentioned any intention of going public.

Nor has the Bulguksa Temple in South Korea. It was added to the UNESCO World Heritage List in 1995, but the ticket price is only about 10 yuan, he said.

Master Xuecheng, vice-president of the Buddhist association, said at a press conference in Shanghai on June 5 that the IPO plan hurt the interests of Buddhist circles, the sentiments of followers and the image of Buddhism.



Master Xuecheng's views are representative of the Buddhist community in China, Master Puzheng said on Tuesday. He said Buddhist circles were not consulted when making such decisions like the IPO case.

Liu Yuanchun from the Shanghai Academy of Social Sciences said authorities and developers have seen only short-term interests, but tourism appeal based on religious heritage is a delicate resource.

If the IPO plan of Putuo Mountain succeeds, the ticket price is very likely to increase, he said. A ticket now costs 160 yuan.

[Namdrol]

It is neither good nor bad, time has changed, this is not Shakyamuni's time anymore where people are so pure and would go all the way for Dharma, for Dharma to grow nowadays, it has to be wordly, and with that, you can't run away form commercialization. 

[hope rainbow]

It is neither good nor bad, time has changed, this is not Shakyamuni's time anymore where people are so pure and would go all the way for Dharma, for Dharma to grow nowadays, it has to be wordly, and with that, you can't run away form commercialization.

But where is the limit to that?
I know many people that have Buddha statues in their homes as decorative items and only as that, then there is "Buddha-Bar", now Buddha-theme parks with souvenirs and all the commercial aspects around, what about Buddha Air, and Buddha-Fast-Food, Buddha-Hotels....
I understand that we live in a time of great attachments and ignorance and that delusions must be used to reach people, but where is the limit?

[Benny]

I agree with Namdrol , times have changed and is still changing. Whether it is good or bad for the spread of Buddha Dharma no one knows, only time will tell.  Just look at the story of China , from Communism to what it is today. Many opponents of the mordern day China success story had sworn on their parents graves that it will fail but it did not.

All we can say is that if, those who which to pursue this course of action for the best interest of Buddhism has pure the motivation to benefit others then there should not be any problems.

[Galen]

Is Buddhism a business? Buddhism is changing with times. The age old ways of practicing Buddhism has to change and there are more new elements in the modern world like advancement in technology and availability of information. Therefore, Putuo Mountain IPO is a good idea for Buddhism to spread wider. If you read carefully, it is not the teachings of Buddha is being commercialised, the IPO is on the facilities of the Island itself i.e.  cable cars, bus and ferry providers, an incense manufacturer and a tourist service center. They are the supporting factors for the flourishing of the island.

In fact, I do agree on this IPO because it allows the public to own a part of the entity which supports the growth of Buddhism. Is this a way of generating merits because you are contributing/ helping others to get to Dharma easier.

I like this idea and definitely will see this trend grow in the future.

[Tammy]

If the motivation of commercialization is to fund the spread of Buddhism and make sure Buddhist centres are maintained and their workers well taken care of, I say 'Why No?' a

As long as Buddha's teaching is preserved, lineage kept pure and profit made is for and only for this sole purpose, we should encourage this trend.

Gone are the days monks and nuns are 'supposed' to meditate in their respective caves. If all monks and nuns do this, who would take up the responsibility of spread dharma ? Who would make sure these ones and nuns are given food and supplies while they are meditating ? If we still expect temples and monasteries to survivie purely on donation, we are just being very naive.

Let the businesses support dharma!

[dondrup]

Putuo Mountain is well known as one of the sacred Buddhist sites in China.  It is therefore of concern when commercialization comes into play.  It is noted that Putuo Mountain is generating huge revenues (2 billion yuans) from its tourists!  Is there really a need to issue IPO to raise fund?

Since there is a public outcry over this IPO, Putuo Mountain Tourism Development should seek consultation with the Buddhist Association of China and the general public before it proceeds with the IPO.  There are always other viable means to promote tourism in Putuo Mountain and the Buddhist Culture.

[Klein]

Yes it is good news that there are Buddhists in China who make a stand towards the commercialisation of a religion. It shows that there are still traditional Buddhists in a communist country where the proliferation of religions is illegal for decades.

To make a "public outcry" for the commercialisation of Buddhism is a step forward for the Chinese where any form of religious practices is banned. The possibilility for the revival of their main religion, Buddhism in the near future is very promising.

The following are pics of outdoor statues and temples in Putuo Shan Island. Notice how popular the place is.

[fruven]

The idea of going public IPO is to used public funds to scale and become larger and the profits become an investment opportunity for the public. IPO has stakeholder who own large block of share and have the final say on how the company is run, of course, their decisions are announced to public. Does IPO system able to protect the interest of the public which is usually the minority stakeholder? The main shareholders can sell of their shares after going public. Is it easy to abuse the system if the motivation of some who runs the company is self interest?