Putai Buddha Figurine Gifts. The Buddhist figure named Hotei or Pu-Tai is better known as the jolly Laughing Buddha. In China, he is known as the Loving or Friendly One. He has become incorporated into Buddhist & Shinto culture and is based on an eccentric Chinese Ch'an (Zen) monk who lived over 1,000 years ago. Because of this monk's benevolent nature, he came to be regarded as an incarnation of the bodhisattva who will be Maitreya (the Future Buddha), but due to his large protruding stomach and smile, he has also been designated the "Laughing Buddha." Buddha figurine measures 5 1/4 inches high.