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  HOME | Business & Economy (Click here for more)

Wanda Group Founder Wang Jianlin No Longer China’s Richest Man

BEIJING – Chinese magnate Wang Jianlin, the chairman and founder of a real estate and entertainment conglomerate Dalian Wanda, is no longer ranked as China’s richest man, according to the Hurun Report, an annual list of the richest people in China released on Thursday.

Wang was dethroned by the new number one, Xu Jiayin, owner of Evergrande conglomerate.

Wang, who also has a 20 percent stake in the Atletico Madrid soccer club, lost 28 percent of his fortune this year after the Chinese authorities had asked government banks to check lending to Dalian Wanda for overseas acquisition projects.

The government’s restrictions, launched to curb the outflow of funds, forced Wang to sell off assets, leaving his fortune to stand at $23 billion, compared to the $43 billion fortune of the Evergrande founder.

Xu, like Wang, has built his fortune in the real estate sector, and also owns the Guangzhou Evergrande soccer club, the most successful team in the recent Chinese national league.

The leaders of China’s technology sector: Pony Ma, chairman of software giant Tencent, with a total fortune of $37 billion, and Jack Ma, founder of e-commerce company Alibaba, with $30 billion in wealth, occupied the list’s second and third positions.

China’s richest woman and real estate tycoon Yang Huiyuan, a chairperson of Country Garden, is listed as the fourth richest with an estimated fortune of $24 billion.

According to China’s financial media, the changes in the list have been prompted by government policies, which have benefited magnates focused on developing their businesses within the country and penalized those, like Wang, who have focused on overseas ventures.

 

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