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, Forbes magazine said.
Wang Jianlin (王健林), head of conglomerate Wanda Group (萬達集團) — a private firm with interests ranging from property to retailing — had estimated wealth of US$14 billion, the magazine said on its Web site.
FORTUNE
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 (宗慶后), it said.
A recovery in China’s property market helped swell Wang’s wealth, Forbes Shanghai bureau chief Russell Flannery said yesterday.
“Urbanization 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 fueled wealth creation not only in China, but all across Asia,” Flannery said.
Wang’s wealth comes mainly from commercial real estate, which has been less affected by a Chinese government crackdown on surging home prices.
China has sought for more than three years to control residential property prices, but the government has recently signaled it might not take further tightening steps.
ACQUISITION
Beijing is encouraging Chinese companies to “go out” and buy up assets around the globe, and Wanda Group acquired AMC Entertainment last year for US$2.6 billion.
The company’s acquisition of British yacht builder Sunseeker — whose powerboats have featured in James Bond films — completed last month, and Chinese media also said in June that Wanda plans to build London’s tallest residential towers.
Wanda was founded in 1988 and has total assets of 300 billion yuan (US$49 billion).
Its net profit topped 10 billion yuan last year, which the company aims to double by 2015, according to its Web site.
Zong, who heads soft-drink producer Wahaha and was previously China’s richest person, now has wealth of US$11 billion, Forbes said, up from US$10 billion last year.
Forbes’ complete “China Rich List” is due to be released soon, Flannery said.
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RSS