The banquet will be hosted at the same time as Gates and Buffett's at a place not far from the billionaires' hotel, and attendees will split the costs.

Bill Gates and Warren Buffett are in China for a three-day visit which was described by some local media as the "Hongmen Banquet", a feast set up as a trap for the guests, as earlier reports said the two US billionaires would lobby wealthy Chinese guests to give up their wealth.

The two billionaires have said in an open letter that they do not intend to force anyone to give up their wealth and only want to share their thoughts on philanthropy with China's richest, but half of those invited declined the invitation, Beijing Morning Post reported.