Property tycoon Wang Jianlin is China’s richest person: Forbes
A multi-billionaire who bought US cinema chain AMC Entertainment and has just acquired a luxury British yacht builder has taken top spot as China’s richest man, according to Forbes magazine
A multi-billionaire who bought US cinema chain AMC Entertainment and has just acquired a luxury British yacht builder has taken top spot as China’s richest man, according to Forbes magazine.
Wang Jianlin, head of conglomerate Wanda Group - a private firm with interests ranging from property to retailing - had estimated wealth of US$14 billion (HK$108.6 billion), the magazine said on its website.
His fortune soared from US$8 billion last year, when he was in third place, putting him now US$3 billion ahead of former title-holder Zong Qinghou, a beverage tycoon, it said.
A recovery in China’s property market helped swell Wang’s wealth, Forbes Shanghai bureau chief Russell Flannery said on Tuesday.
“Urbanisation is going to boost demand for real estate in important Chinese cities for a long time,” said Flannery, who compiles the magazine’s annual ranking of China’s richest people.
“That has fuelled wealth creation not only in China but all across Asia.”
Wang’s wealth comes mainly from commercial real estate, which has been less affected by a Chinese government crackdown on surging home prices.