Richest Person in China: Wang Jianlin
Let’s take a look at the Richest Person in China and how Wang Jianlin accumulated his fortune!
Declared as the richest person in China, Wang Jianlin’s wealth is estimated to be approximately $14.2 billion which comprise of the Dalian Wanda Group of commercial properties and various other secondary entertainment options. Beating the value of $3.2 billion of Zong Qinghou (the founder of Hangzhou Wahaha Group which is considered as the third largest beverage maker in China), Wang Jianlin is the new tycoon in news.
He is stated to have an enormous empire of 9.03 million square feet of property added with 49 plazas, 40 departmental stores, 45 karaoke hubs, 26 luxury hotels and 86 movie theaters in various parts of China.
Jianlin’s personal biography is just like a follow up of our childhood story of rags to riches, set in the backdrop of contemporary China. Born on October 24, 1954 at the Sichuan province, in a military family, this new wealthy tycoon witnessed food shortage and other depravations during his childhood days of Cultural Revolution.
Like his father, Wang Jianlin also joined the fight against Imperial Japanese and served school as a teenager to serve the military for 16 long years. It was then in the early 1990s that he got discharged from the military sphere in complete honor and started his struggle as a developer of real estate and properties.
Soon he took over the north east area of the nation and named it Dalian Wanda which expanded at a fast speed taking advantage of the historical economic boom in China.
Even now, being at the peak of success in the business world of China, Wang Jianlin remains equally passionate and aggressive. In the month of June, he bought Sunseeker, the British mega yacht developer that had featured in the movies of James Bond worth $1.6 billion.
Apart from these, he is also the owner of forty five star hotels which is on its spree for expansion to double by the year of 2015. According to Wang Jianlin, he also has plans for expansion of his commercial property by average 68% which will be done by the end of next year 2014.
It was last year when the company of Dalian Wanda took over AMC Entertainment, the North American cinema chain for a price value of $2.6 billion. With this acquisition, Dalian Wanda Group becomes the largest global movie exhibitor along with more than 500 cinemas as subsidiary and 6000 screens in the nation.
He is also the owner of 68 karaoke bars, theme parks, distribution business, live performance arenas and active involvement in film production. The latest film to hit the China market is the love story of Qing Dynasty, named Under the Hawthorn Tree, which released recently.
Even though Wang Jianlin has several small and medium sized businesses under his collar, it is seen that the major part of his wealth is associated in the Wanda’s real estate empire. Measuring 148 million square feet of commercial ground, the Dalian Wanda’s real estate property counts for $7.4 billion and is under the company’s management.
The most interesting part of this business venture is that complete 100% of the Dalian Wanda Group belongs to the Wang family through multiples of direct ownership, investments and subsidiary processing.