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Thread: Chinese Tycoons, CEOs & Tuhao

  1. #31
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    Wang Sicong

    The son of a Chinese billionaire bought his dog eight iPhone 7s
    By James Griffiths, CNN
    Updated 3:58 AM ET, Tue September 20, 2016


    Coco the Alaskan malamute poses with her iPhone 7 handsets.

    Story highlights
    Wang Sicong is the son of Wang Jianlin, one of China's richest men
    The younger Wang is notorious for his ostentatious displays of wealth
    Hong Kong (CNN)Apple fans lined up across China last week to get their hands on the latest iPhone, while others tried to smuggle handsets in from Hong Kong.
    But one iPhone user didn't have to worry: Coco the Alaskan malamute.
    Coco's owner Wang Sicong, son of Chinese billionaire Wang Jianlin (estimated worth $30 billion), bought her eight iPhone 7 handsets on the day of their release, according to photos posted on the dog's verified Weibo social media account -- China's equivalent of Twitter.


    Coco poses with her black and rose gold iPhone 7 handsets.

    "I don't understand all the show-off posts on (social media)," read the post alongside the photos.
    "What's the point? Don't make me do it?"
    In China, an iPhone 6 costs 6,988 yuan ($1,047), while the larger iPhone 7 Plus goes for 7,988 yuan ($1,197).


    Wang Sicong has been nicknamed "the nation's husband" online.

    This isn't the first time Wang has doted on Coco in this fashion.
    In 2015, he attracted widespread outrage in China after posting photos of the dog wearing two Apple Watches with luxury bands worth upwards of $37,000.
    He's part of China's fu'erdai or second-generation rich -- the sons and daughters of tycoons that are best known for flaunting their decadent lifestyles.
    Nicknamed "the nation's husband" for his status as China's most eligible bachelor, Wang has come under fire from state media for his outrageous displays of wealth.


    Wang previously bought Coco Apple Watches and bands worth $37,000.

    Last year, the official Xinhua news agency published a blistering commentary about Wang accusing him of having "stained the purity of the Chinese (people)" and warning others not to copy the "arrogant and coarse celebrity."
    That came after Wang created a furore by saying the only characteristic he looked for in potential girlfriends was the size of their breasts, causing Xinhua to accuse him of having "Berlusconi-style arrogance."
    Criticism over "buxomgate" got so strong that Wang's father appeared on state television to address the controversy, blaming his son's behavior on "Western schooling."
    CNN's Serenitie Wang in Beijing contributed to this report
    Buxomgate...oh man. It's rough being king, or in this case, spoiled prince.
    Gene Ching
    Publisher www.KungFuMagazine.com
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  2. #32

    Spinned in Transaltion

    Interesting News Items.
    From the first post: Modigliani's “Nu Couché” is a wonderful work. Maybe it will be safer in HK and hopefully put on public viewing sometime.
    ......

    "That came after Wang created a furore by saying the only characteristic he looked for in potential girlfriends was the size of their breasts"
    This doesn't seem be exactly what he said.

    Other news items report:

    Wang Sicong, had sparked a scandal by telling reporters at a Valentine’s Day charity event in Beijing that what he looked for in potential dates was a “big rack.”

    Chinese tycoon Wang Jianlin blames Western education for his son's controversial remark that potential girlfriends needed to be "buxom".
    No any word "only" in the other reports - not the same meaning.
    A lot of other guys would say the same thing and have the same requirement and no one would accuse them being anything other than guys.
    "cherchez la bosom",

    I actually couldn't find out exactly what he said or the original text it was but the "rack" quote sounds has the most verisimilitude.

    He was just too candid with State Media in the public eye. which is not much different than gaffing in the Western PC media Not good if he wants a political career.

    Anyway, as the most eligible bachelor, he now is probably getting lot of propositions from Hunan and Henan.
    It pays to advertise.
    --------------------------------

    But now the iPhones. the only thing I can think that the dog might use them for is as chew toys. The ones from the dollar store would probably taste better.
    ..
    But this is not really crazy or pointless. He is just asserting his place in the social order. This is an example of Thornstein Veblens' Conspicuous Consumption Theory. You have something extremely valuable like the White House Lawn and then you don't use it for grazing sheep or cattle. This asserts your power and status over the community .
    (In this case over America lol ).
    ..
    Now think of all the poor homeless people that could have used those 37,000 dollar Apple watches to better their lives.
    Funny thing is that no one with a cell phone these days seems to have a watch.
    Last edited by wolfen; 09-27-2016 at 11:19 PM.
    "顺其自然"

  3. #33
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    Crazy Rich Asians

    Wonder if they will whitewash this. Cuz I don't think I'll understand it unless there is a white character to 'xplain it to me.

    ‘Crazy Rich Asians’ Adaptation Lands at Warner Bros. (EXCLUSIVE)
    Brent Lang
    Senior Film and Media Reporter
    @BrentALang


    ANDREW H. WALKER/VARIETY/REX/SHUTTERSTOCK
    OCTOBER 20, 2016 | 11:26AM PT

    Warner Bros. has acquired “Crazy Rich Asians” and has fast-tracked the romantic-comedy for production. It will be one of the only major studio movies to feature an exclusively Asian cast. Rights for the project attracted a heated bidding war.

    “Crazy Rich Asians” unfolds in a world of opulence, as new and old money collide among a set of Chinese families living in Singapore. It’s being pitched as a combination of “Devil Wears Prada” and “Pride & Prejudice,” and follows Rachel Chu, a Chinese-American economics professor and her boyfriend, Nick Young. When Nick invites Rachel to attend his best friend’s wedding in his home town of Singapore, he fails to mention that as the heir to a massive fortune, he is viewed as the country’s most eligible bachelor.

    Color Force’s Nina Jacobson her partner Brad Simpson came on board two years ago when Kevin Kwan’s book of the same name was still in the manuscript stage.

    “It was just a page turner in and of itself,” said Jacobson. “It was a delight to be taken into this world that as a Westerner I didn’t know. It felt so new and fresh and gave you so much insight.”

    Color Force, which produced “The Hunger Games” series, brought in Ivanhoe Pictures, the maker of “In the Bedroom,” and developed the project and packaged the film with Jon M. Chu directing from a screenplay by Adele Lim (Fox’s “Lethal Weapon”) and Pete Chiarelli (“The Proposal”). To get the gig, Chu, a first-generation Asian-American, put together a visual presentation that included family photos to show his deeply personal connection to the material.

    Jacobson and Simpson knew that finding the right studio home would take a lot of time and effort. Aside from “The Joy Luck Club,” which was a hit when it came out in 1993, and “Memoirs of a Geisha,” which was not when it bowed 12 years later, there have been very few U.S.-backed films centered around Asian characters and experiences. It also comes at a time when the romantic-comedy genre is struggling. It’s been a long time since “Pretty Woman” and “Notting Hill” filled theaters, and with a few exceptions, such as “Trainwreck,” most studios have largely stopped making meet-cute films. The “Crazy Rich Asians” producers think that there story and setting is a novel way to revive the genre.

    “At a time where we keep asking how we can compete with TV and other offerings, it’s important to give people something different,” said Simpson. “We’re taking them to a world that hasn’t been shown much on film.”

    The story may be a rarity for Hollywood, but it hits at a time when the issue of diversity is being hotly debated across the entertainment industry. The Chinese film market is second only to the U.S., but despite its box office contribution, very few films feature Asian characters. Only 5% of speaking parts in film, television, and digital programming were played by Asian actors in all of 2014, according to a study by USC. Indeed, there have been several instances of white actors playing roles that were originally designated for Asians, including Emma Stone in “Aloha” and Scarlett Johansson in the upcoming “Ghost in the Shell.”

    “Inclusion is good business,” said Jacobson. “Inclusion is a way of reaching new and broader audiences and keeping material fresh.”

    Production may begin as early as this spring in Singapore. The producers are embarking on a worldwide search for the cast. “Crazy Rich Asians” was a bestseller upon release, with nearly one million copies in print worldwide. Kwan saw the novel as the first in a trilogy. His follow-up, “China Rich Girlfriend,” was a commercial success, and the last installment in the series, “Rich People Problems,” debuts next summer. Kwan felt so strongly that Color Force and Ivanhoe were the right companies to produce the film that he optioned the novel for a dollar.

    “I am beyond thrilled that the amazing film my fans around the world have been waiting for is finally happening,” said Kwan in a statement. “I have such tremendous respect and trust in Nina, Brad, Jon, and Warner Bros, and I know they are going to create an incredible, history-making movie.”

    Simpson and Jacobson will produce along with Ivanhoe President John Penotti. Kwan will serve as executive producer along with Ivanhoe’s Chairman Robert Friedland. Courtenay Valenti and Jon Gonda will oversee the project for Warner Bros. The studio has been trying to increase diversity both in front of and behind the camera — it lined up a female director in Patty Jenkins to oversee “Wonder Woman,” and enlisted African-American filmmaker Rick Famuyiwa to oversee “The Flash.”

    The deal for “Crazy Rich Asians” was negotiated by Ziffren Brittenham LLP. Kwan is represented by Alexandra Machinist at ICM and Chu by WME and Principato Young.
    Gene Ching
    Publisher www.KungFuMagazine.com
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  4. #34
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    Dang...

    ...where can I apply?

    As son refuses father’s fortune, China’s richest man seeks ‘application’ for heir
    December 13, 2016, 10:05 am



    The richest man in China, Wang Jianlin, owning a $92 billion (620600 crore) empire, on Sunday said he is looking for a successor, most likely from a group of professional managers, to take over his business after his son apparently declined to take over his empire.

    The 62-year-old, founder and chairman of Dalian Wanda Group Co, whose business includes shopping malls, theme parks, sports clubs and cinemas, said he is most likely to pick from a group of professional managers to take over the running of his business.

    I have asked my son about the succession plan, and he said he does not want to live a life like I do. Perhaps young people have their own quests and priorities. Probably it will be better to hand over to professional managers and we sit on the board and see them run the company
    - Wang Jianlin
    Wang was speaking at China Entrepreneurs Summit on Monday.

    The wealthy scions of China's billionaire entrepreneurs, known as fu'erdai are increasingly striking different paths, as more than three decades of break-neck economic growth and overseas education have given them different experiences, worldview and aspirations from their parents.

    Over 80 percent of Chinese heirs are not keen on assuming the reins of their parents' businesses, a survey by the Shanghai Jiaotong University, covering 182 of the country's top family-run companies said.

    Some were backing off due to intense pressures, while others simply were pursuing other career interests, study by the association of Chinese private enterprises showed, the Post report said.

    Dalian Wanda, founded in the port city of Dalian in 1988, is the epitome of China's rags-to-wealth story, where it grew from a small property developer into a conglomerate operating malls, hotels, theme parks and the world's largest chain of movie cinemas.

    In the process, it's made Mr Wang and his only son immensely wealthy.

    Wang, who visited India and met Prime Minister Narendra Modi had committed to invest about $10 billion in a Chinese project in Haryana.

    Following a worldwide buying spree that added AMC Entertainment, the Hoyts Group and Odeon and UCI Cinemas, Mr Wanda now operates the world's largest chain of cinemas, with more than 10,000 screens.

    It also owns hotels operated by Westin and Sofitel, as well as shopping malls and plans to build as many as 15 multibillion-yuan theme parks around the country.

    After snapping up stakes in European football clubs, Wanda is now turning its sights on Hollywood, announcing plans to purchase Dick Clark Productions in November that granted it the broadcasting rights to Golden Globe Awards.
    Gene Ching
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  5. #35
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    Fake Chinese Lesbian Billionaires

    The Story About A Chinese Lesbian Billionaire Couple Is Very, Very Fake
    "That WJSN lesbian billionaires fake news tweet saved 2017."
    Posted on April 29, 2017, at 3:26 a.m.
    Kassy Cho
    BuzzFeed News Reporter
    Ikran Dahir
    BuzzFeed News Reporter

    A tweet about two lesbian Chinese billionaires who got married and became the world's richest couple alive has gone viral.

    [BREAKING] Lesbian Chinese Billionaires, Meng Mei Qi and Wu Xuan Yi, marry. Making them the richest couple alive.
    4:00 PM - 26 Apr 2017
    23,281 23,281 Retweets 39,148 39,148 likes
    The news that Meng Mei Qi and Wu Xuan Yi were married was shared by thousands of people, including former Disney Channel star Debby Ryan.


    Twitter: @DebbyRyan
    People were shook.


    Twitter: @alocalteen


    Twitter: @SpellmanNaomi


    Twitter: @chel_c_cam

    Just one problem, Meng and Wu are not a couple, and nor are they billionaires. They are, however, members of the South Korean-Chinese band Cosmic Girls, also known as WJSN.

    instagram.com

    The photo of Meng and Wu was taken earlier this week at the Beijing International Film Festival, and uploaded by fellow WJSN member Xuan Yi on to her Weibo page.


    weibo.com

    And the story was put together by K-pop fans, who, as it appears, were just trying to promote their faves.


    Twitter: @misswujuniverse

    The teenager behind the original tweet, Abby Fry, told BuzzFeed News that she came up with the joke because she thought it would amuse ujungs, WJSN's fan group, and never expected it to go so big.
    'I thought they looked like they were at a wedding with the dresses they were wearing and the dresses sure looked expensive,' Fry said.She said that she thought people would fact-check first, but added that it 'just shows the power of what we want to happen.'
    Twitter: @merrymeiqi
    "I thought they looked like they were at a wedding with the dresses they were wearing and the dresses sure looked expensive," Fry said.
    She said that she thought people would fact-check first, but added that it "just shows the power of what we want to happen."
    Stans obviously found it hilarious.


    Twitter: @misswujuniverse

    And continued with their top-notch trolling.




    Twitter: @floweryflesh


    Twitter: @rapkays
    continued next post
    Gene Ching
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  6. #36
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    Continued from previous post

    They even shared pictures of the "happy couple".


    Twitter: @floweryflesh
    Follow
    av �� @greyjinsook
    good night i love the richest couple alive ����
    9:20 PM - 27 Apr 2017
    22 22 Retweets 24 24 likes
    The plot escalated with an equally fake murder.
    View image on TwitterView image on Twitter
    Follow
    宇宙少女48�� @uzzucam
    mei qi murdered her husband, married a girl,and became the richest gay couple alive she really did that
    2:52 PM - 27 Apr 2017
    29,714 29,714 Retweets 40,761 40,761 likes
    And that they had ~history~.


    Twitter: @greyjinsook

    They also didn't forget to promote their album.


    Twitter: @rootsmihyun

    People are praising the stans for pulling off the ultimate scam.


    Twitter: @nyakutagawa

    But it wasn't long before people caught onto the joke.


    Twitter: @ohmomona

    And are now spreading the word.


    Twitter: @prismwaves

    Which left some very disappointed.


    Twitter: @currypuffs

    Ujungs, however, feel that the joke has saved 2017.


    Twitter: @Suendenfall

    Kassy Cho is a reporter with BuzzFeed New
    I know, I know, really random news post. I just wanted to make a post with the heading 'Fake Chinese Lesbian Billionaires'[/QUOTE]
    Gene Ching
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  7. #37
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    Zhang Zetian

    From internet sensation to China's youngest female billionaire: meet 24-year-old Zhang Zetian
    Alexandra Ma
    Aug. 6, 2017, 6:32 AM 543,921

    It's not every day that you see a 24-year-old female billionaire — let alone one that first found fame through a viral photo.

    Zhang Zetian was listed in Chinese New Fortune magazine's top 500 rich list this May, making her the youngest female billionaire in the country. The accolade has been repeated in by Chinese and Hong Kong media like the South China Morning Post newspaper and Jing Daily online magazine.

    China is home to many young female billionaires, many of whom are self-made.

    Thanks to Zhang's well-groomed Instagram page, we're about learn a little more about her life. Take a look at the slides below to learn more about the young billionaire.


    This is 24-year-old Zhang Zetian, who also goes by Nancy.
    Pascal Le Segretain/Getty

    Zhang first rose to fame in 2009 when a photo of her holding a cup of tea went viral.

    View image on Twitter
    Follow
    科技新闻 @cntechnews
    搜狐摊上事儿了:被奶茶妹妹起诉 要赔170万
    编者按:近日,“奶茶妹妹”章泽天分别起诉北京搜狐互联网信息服务有限公司、华某(2http ://www.mychinanews.com/news/n/7/1028966 …
    8:45 PM - May 11, 2015
    Replies Retweets likes
    Twitter Ads info and privacy
    Zhang, then in her mid-teens, was given the Chinese nickname Naicha meimei or “milk tea little sister”.

    In 2014, she starred in a promotional video for that summer's Youth Olympics in Nanjing.


    Titi Tran/YouTube

    However, she resisted further fame, according, according to SCMP, and refused a movie role by by Chinese filmmaker Zhang Yimou, who made "House of Flying Daggers" and "The Great Wall."

    She was admitted into China’s prestigious Tsinghua University in 2011, and spent one year on exchange at New York’s Barnard College.



    zetianzzz
    Follow
    guess what! im here!��┏ (^ω^)=☞
    Like
    Comment
    667 likes
    zetianzzzguess what! im here!��┏ (^ω^)=☞
    It was there that she met her future husband Liu Qiangdong, who is 19 years her senior.

    She captioned the above photo "Got photographed by the paparazzi again."

    The couple publicly denied their relationship for a long time, saying they were "just classmates," according to New Fortune magazine.

    Liu, who also goes by Richard, is the 16th richest person in China.

    Andrew Burton/Getty

    Liu had the 16th-highest net worth in China last year, according to Forbes' China Rich List. The publication also ranked him the 174th richest billionaire in the world.


    He's the founder and CEO of Chinese e-commerce company JD.com — one of Alibaba’s major competitors.


    Liu Qiangdong celebrates his company's initial public offering on the Nasdaq exchange in 2014.Andrew Burton/Getty

    JD.com had over 236 million active customer accounts in FY 2016, the company's financial statements noted. Alibaba recorded 423 active accounts the year before.

    The couple married in August 2015.

    View image on Twitter
    Follow
    娱乐快讯 @yulekuaixun
    奶茶妹妹领衔一结婚直奔后妈位置的10大女星
    奶茶妹妹领衔一结婚就当后妈的10大女星 后妈难当,所以能做人后妈的女子,勇气实属可http://www.mychinanews.com/news/n/2/1212252
    10:15 PM - Oct 4, 2015
    Replies Retweets likes
    Twitter Ads info and privacy
    News of the nuptials got out thanks this photo of the couple in a Beijing courthouse.
    Continued next post
    Gene Ching
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  8. #38
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    continued from previous post

    They welcomed their first child — a girl — in March 2016. A few months later, the couple invested in an Australian baby formula company.


    Zhang and Liu bought a 17.3% stake in Bubs Australia, The Australian reported.

    This wasn't their only personal investment. Zhang and her husband's personal portfolio consist of six companies, including Uber China.



    Zhang can be partially credited for JD.com's success, as she helps promote the site's fashion and luxury goods businesses.



    The fashion aficionado met industry legend Iris Apfel this April.



    Zhang met up with the 95-year-old fashion icon again in New York earlier this week.

    She's also mingled with other influential people — such as Bill Gates, Canadian Governor General David Johnston and David Beckham.



    Zhang's travels have taken her to Paris, Bordeaux, Cannes, California, Geneva, Milan, Venice and Cambridge — this summer alone.



    The social media-savvy investor documents her travels on her Instagram feed.
    The internet is a gold mine if you're cute and savvy.
    Gene Ching
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  9. #39
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    the most impressive rich kid in the city

    Shocking footage shows little boy driving a Maserati on a road as his father films and flaunts his 'talent'
    Father filmed his son driving a Maserati on a road in Xinyang, China
    The child, aged four or five, had his hands firmly on the steering wheel
    He was dubbed 'the most impressive rich kid' by his father in a viral video
    By Tiffany Lo For Mailonline
    PUBLISHED: 07:48 EDT, 19 September 2017 | UPDATED: 09:22 EDT, 19 September 2017

    A shocking video which shows a little boy driving a Maserati on a road has sparked an outcry in China.

    The footage was taken by an onboard passenger and it shows the boy driving the luxurious car confidently.

    The passenger can be heard complimenting the boy: 'You're the most impressive rich kid in the city.'


    A young boy was seen driving a Maserati as its steering wheel logo suggested (left). The boy can be seen looking to the side while driving (right) in Xinyang, China's Henan Province

    According to Yang Cheng Evening Post, the video was believed to be taken by the boy's father.

    The boy, appeared to be four or five years old, can be seen steering the wheel of a Maserati car with both hands.

    There were three people including the boy in the car when the video was taken.

    It is reported that the boy was driving on Hang Kong road in Xinyang, Henan Province.

    Cars and trucks can be seen passing fast as the boy drove along the road.


    The boy's father said in the video that the boy is 'the most impressive rich kid in the city' as the boy confidently drove on a busy road (left and right)

    His father said in the footage that children in kindergartens were not able to drive a car at this age.

    He then asked his son to give him a thumbs up, but the boy neglected.

    Another man said they put their lives in the boy's hands.

    According to China's Road Traffic Safety Law, the trio had already violated the regulations as the underage boy drove motorised vehicle without a licence.

    Web users has responded on Weibo, a Twitter-like social media site.

    'AuHoiYuen' and few other web users suggested some of the Maserati models are autonomous or semi-autonomous.

    However, 'FeiYangYangARSENAL' commented to ask local traffic officers to look into the violations of traffic safety whether or not the car is on auto pilot.

    'M33666' said: 'All he wants to do is to show how rich he is!'

    Wait...maseratis have auto-pilot?
    Gene Ching
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  10. #40
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    Kong Dongmei

    05/09/2013 11:52 am ET Updated Jul 09, 2013
    Kong Dongmei, Granddaughter Of Mao Zedong, Appears On China Rich List
    Agence France Presse


    GETTY IMAGES

    The appearance of a grand-daughter of Mao Zedong, founding father of Communist China, on a list of the country’s richest citizens prompted online accusations of hypocrisy Thursday.

    Kong Dongmei, now in her early 40s, and husband Chen Dongsheng ranked 242th with personal wealth estimated at five billion yuan ($815 million) on a rich list released this month by New Fortune, a Chinese financial magazine.

    Kong is the grand-daughter of Mao and his third wife He Zizhen. In 2001 she founded a book store in Beijing selling publications about Mao and promoting “Red Culture” after studying at the University of Pennsylvania in the US.

    In 2011, Kong married Chen, who controls an insurance company, an auction house and a courier firm, after they had maintained an extramarital relationship for 15 years, according to the magazine, which cited other Chinese media reports.

    The couple have two daughters and a son, said New Fortune — likely to be a violation of China’s one-child policy.

    Kong’s inclusion on the rich list triggered hot debate on China’s Twitter-like weibos, with some accusing her of betraying her grandfather’s status as the “great teacher of proletariat revolution”.

    “The offspring of Chairman Mao, who led us to eradicate private ownership, married a capitalist and violated the family planning policy to give birth to three illegal children,” wrote Luo Chongmin, a government advisor in southwest China.

    China has implemented the one-child policy for many urban residents for over 30 years, although there have been recent suggestions that the rules may be loosened.

    “Did Kong Dongmei... pay any fines after being a mistress for more than 10 years and giving birth to three kids?” asked another user with the online handle Virtual Liangshao.

    But others argued that the millions were actually her husband’s, who made his fortune before they were married.

    “Kong just married a wealthy husband. You can’t attribute it to Mao,” said weibo user Wang Nanfang in a posting.
    Well that's a twist.
    Gene Ching
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  11. #41
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    The commies crack down on...GOLF

    A tycoon gets shut down. Not just any tycoon - Wanda's Wang Jianlin.

    China is shutting down this billionaire's golf courses amid fears the sport breeds corruption
    Alexandra Ma


    Wang Jianlin. REUTERS/Tyrone Siu
    Two luxury golf courses have been ordered to shut down in China, where the sport has been declared an elitist "sport for millionaires."

    In a notice published on its website, Fusong County ordered the Changbaishan International Tourism Resort to shut down its golf courses. It did not give a reason for the closure.

    The statement said the order came on September 9, but was only published on the county government's website last Friday.

    The Changbaishan resort is owned by the Dalian Wanda Group, a Chinese real estate conglomerate founded by billionaire Wang Jianlin. As of Tuesday, Forbes listed Wang as the richest man in China with a net worth of $31.4 billion (£23.7 billion).

    The 21 square kilometre resort boasts one 18-hole golf course, one 36-hole golf course, 43 ski slopes, luxury hotels, a tourist town, and ski cabins, Wanda's website said. The golf courses were designed by American golfer Jack Nicklaus and architect Robert Jones. The tourist town has a theatre and hot spring bathhouse, and the hotels include chains from the Park Hyatt, Westin, Sheraton and Holiday Inn.

    It's unclear whether these other sections of the resort will also be made to shut down. According to Wanda's website, the Changbaishan resort is one of the real estate group's first forays into national tourism.


    One of the Changbaishan International Resort's golf courses, as seen in the Wanda Group's promotional video. Dalian Wanda Group

    Golf has long been regarded unfavourably in China. Mao Zedong, the leader of the country's Communist Party and founding father of the People's Republic of China, banned the sport in 1949 after dismissing it as a "sport for millionaires."

    In 2015, President Xi Jinping banned Communist Party officials from playing golf in an effort to crack down on corruption. Golf remains on the list of the party's disciplinary violations and is often cited in corruption cases, Reuters reported.

    "Like fine liquor and tobacco, fancy cars, and fancy houses, golf has become a public relations tool that businessmen use to 'hook' officials," the official newspaper of China's anti-corruption agency declared in an April 2015 editorial. "The golf course is gradually turning into a place where they trade money for power."

    There is no suggestion that the order to shut down Wang's golf courses is in any way related to corruption. In January, China's state planning commission said it had shut down 111 out of the country's 683 golf courses.

    The news of Changbaishan's order to close comes days before China's 19th Communist Party Congress on October 18, a massive meeting for the country's leadership which takes places every five years. Pundits expect President Xi Jinping to further consolidate his power in the upcoming congress.
    Gene Ching
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  12. #42
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    Ma Dadong

    Ma Dadong just leaped to the top of my cool tycoons list.



    ONE SQUARE METER
    Ancient village saved by Chinese philanthropist opens as Shanghai resort
    Casey Hall, CNN • Published 9th January 2018

    Shanghai (CNN) — According to Confucius: "The man who moves a mountain begins by carrying away small stones."

    Chinese entrepreneur Ma Dadong, 44, didn't want to move a mountain, but his mission to relocate ancient village homes and a camphor forest 435 miles (700 kilometers), from his native Jiangxi province to the outskirts of Shanghai, would require a similar level of perseverance.


    The village and trees in their original location in Fuzhou.
    AMAN

    Over a 15-year period, in what must be one of the most extraordinary examples of philanthropic conservation in modern China, Ma orchestrated the painstaking transportation of 50 Ming and Qing dynasty properties and 10,000 trees, some of which were believed to be over 1,000 years old.
    On January 8, the relocated site will open as a luxury hotel, Amanyangyun, the last two words in that portmanteau meaning "nourishing cloud."


    AMAN

    Success story

    Ma left his home city of Fuzhou, aged 22, to earn what would become a fortune in advertising. He subsequently diversified and today is chairman of the Shanghai Gu Shan, an investment management company, and Shanghai Gu Yin Real Estate. While Ma hasn't featured on any Forbes rich lists and his companies are privately held, he is rumored to be a billionaire.
    In 2002, aged 29, the entrepreneur made a trip home to visit his parents. During that visit, Ma learned of the government's plans for the Liao Fang reservoir -- a project that would submerge ancient villages and millenarium camphor trees in Jiangxi underwater.


    Construction of the dam that land was flooded to build was completed in 2006.
    Aman

    "My instincts told me what to do: to rescue everything from the area destined for the reservoir," Ma tells CNN. "At that time, I knew it was the right thing to do, but I didn't have a clear goal of what I would eventually do with these houses and trees."
    Having recently sold his advertising company, Ma says he had the financial resources to throw at the rescue mission, although he won't confirm the cost of the project beyond saying it totaled millions of dollars.

    Learning curve

    The project turned out to be a huge learning curve, with unexpected issues constantly arising. "The whole process was just like digging a well -- you don't know exactly how many meters deep the water is, but you are certain you will reach it if you just keep digging," says Ma.


    Bricks are marked with numbers before the houses are reconstructed.
    AMAN

    Each residence was comprised of about 100,000 stones, and had to be carefully dissembled. Ma cast a wide net to hire a team of more than 200 people to perform that task, seeking out rare craftsman who understood the traditional techniques used to build ancient properties, which are unfamiliar to modern Chinese construction workers.
    Arborists were enlisted to move the trees, and new roads and bridges had to be built to allow large trucks to maneuver the massive camphors from the remote location. Some were 20 meters tall, and the largest weighed 80 tons.
    "The village was in a mountainous region with small, winding roads and no way for big trucks to pass through," says Ma. "The task was not without danger. When it rained, floods overturned trucks and shattered the temporary bridges constructed to access remote villages."


    Bricks and stones are organized and stored before they are used to build the new resort in Shanghai.
    AMAN

    Ma decided to store the dissembled homes in a former air conditioning unit factory he owned on the outskirts of Shanghai, and identified a nearby 200,000 square meter parcel of public land to eventually house the trees, despite the vast distance the objects would have to travel to get there.
    "The team raced against time to Shanghai in order for each tree to have the best of chance of survival," said Ma. The project saw dozens of trucks make numerous trips over a 12-month period.


    The camphor forest at its new site in Shanghai.
    AMAN

    After being uprooted, the trees' root system -- which can stretch as wide as their branches span -- have to be constantly watered as well as protected from overexposure to sunshine.
    Due to the work of the expert arborists, 80% of the trees survived the journey, and just over 1,000 of them are now featured in the Aman resort. The others, planted on public land, will form a park that Ma says will eventually be open to the public.
    Finding a future for the past
    By 2005, everything had been relocated to Shanghai's outer Minhang district, about 30km from the city center, still with no plan for their future.
    "When all the trees arrived in Shanghai, we met many people who wanted to buy them. I could not sell even one of them because I wanted all the trees to be together," Ma says. "I grew up in the sweet company of those trees and houses; I had a poignant and emotional tie to them."


    The relocated materials were stored in a former air conditioning unit factory in Shanghai.
    AMAN

    That year Ma created what he calls the "Concept House" -- an experiment which used some of the relocated ancient materials to create a new home incorporating modern plumbing and windows to let in more natural light.
    The rest of the materials were logged in the warehoused and left to wait.

    Perfect partner

    In 2011, Aman inked a deal with Ma to transform the dissembled ancient Jiangxi village homes, which were between 300 and 500 years old, and some of the trees, into a hotel property and public park. The international hotel group had learned of the Chinese entrepreneur's trove after Ma had a chance meeting with Aman's Indonesian founder and former chairman Adrian Zecha.


    Thhe master bedroom in an Antique Villa.
    AMAN

    Neither party will confirm details of the deal.
    The resort features 24 new one-bedroom courtyard suites and 13 "antique villas," which have four bedrooms and incorporate the rebuilt ancient Jiangxi village homes. Once visitors cross the threshold of the ancient stone exteriors, however, there is little resemblance to the village homes of centuries past inside -- although there are still courtyards within each property.

    The root of the problem

    The project, however, hasn't been without controversy.
    Aman said in its initial press literature that its new resort featured 10,000 relocated camphor trees. In reality, only about 1,150 on the property. The Shanghai Administration for Industry and Commerce (SAIC) confirmed to CNN that it is investigating whether Aman was misleading about the number of trees, and their age (not all of the camphors are ancient) to make a financial gain.
    Furthermore, ancient trees -- classified as those over 80 years old -- are governed by heritage protection laws severely restricting what can be done with them. The laws are designed to protect old-growth forests from being felled, or trees being damaged as they are transplanted from one place to another. It is unclear how Ma's project complied with this legislation.
    Neither Ma nor Aman were prepared to comment on any potential investigation.


    The village in its original location.
    AMAN

    China doesn't have a stellar track record when it comes to preservation in the face of economic development. In 2002, at around the same time Ma learned of the Liao Fang reservoir, many hundreds of villages and a total of 1.4 million people were in the process of being resettled to make way for the Three Gorges Dam, the world's largest hydro-electric project. Of the 632 square kilometers flooded for that project, the majority was covered by forest. The result was deforestation and interruption in traditional biospheres that is still being examined.
    Today, the area where the Fuzhou villages and trees once stood is flooded.
    Ma says he is simply pleased he has rescued a slice of history from being lost to the water.
    Gene Ching
    Publisher www.KungFuMagazine.com
    Author of Shaolin Trips
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  13. #43
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    RIP Wang Jian

    Chinese Tycoon Wang Jian Falls to His Death While on a Business Trip in France
    By ASSOCIATED PRESS 9:52 PM EDT

    (BEIJING) — The co-chairman of HNA Group, a conglomerate that operates China’s fourth-largest airline and finance, logistics and other businesses around the world, died in an accident while on a business trip in France, the company said Wednesday.

    Wang Jian, a co-founder of the company, suffered “severe injuries” in a fall in Provence in southern France and died Tuesday at age 57, said an HNA Group statement. It gave no other details.

    Regional French media outlet France Bleu said Wang fell a dozen or so meters (yards) while taking photos on a high wall in Bonnieux, a town in a region famed for its panoramic views.

    Launched in 1993 on the southern island of Hainan, HNA expanded into finance, hotels, logistics and other businesses in a multibillion-dollar global acquisition spree.

    More recently, HNA has been selling some assets as Chinese regulators tighten lending controls and press companies to rein in debt.

    Wang graduated from the Civil Aviation University of China and received an MBA from the Maastricht School of Management in the Netherlands, according to his company.

    HNA agreed last year to acquire a hedge fund operated by Anthony Scaramucci, an aide to U.S. President Donald Trump. That never received regulatory approval and the two sides called off the deal in April.
    Suspicious? Authorities aren't treating it so.
    Gene Ching
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  14. #44
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    Rita Tong

    Billionaire Rita Tong Liu’s incredible story of breaking barriers to become Hong Kong’s fourth richest woman
    PUBLISHED : Wednesday, 04 July, 2018, 9:01am
    UPDATED : Thursday, 05 July, 2018, 12:10pm
    Pearl Liu



    Real estate tycoon Rita Tong Liu, the fourth-richest woman in Hong Kong, has quite the story – she turned a family gift of HK$1 million into a business worth US$3.4 billion.

    In the early 1970s she received the money from her husband’s family to begin investing. That, along with land in Macau that was passed on by her mother, helped lay the foundation for a success story, elevating Liu, chairman of property firm Gale Well Group, into the No 25 spot on Forbes Asia’s list of Hong Kong’s 50 wealthiest this year.

    “There is no such thing as always winning, I just gained more than I lost when I failed,” Liu said.

    Liu, 70, is estimated to have built up a fortune worth US$3.4 billion and said careful calculation and risk assessment were crucial to her success.

    “We are not buying much recently as we see that interest rates are going to rise and borrowing money will be expensive,” Liu said.

    Being cautious seems a bit of a mismatch for Liu, a devout Catholic who radiates matronly warmth and yet is renowned for bold property acquisitions. A high-profile example was the purchase of more than 3,000 car parks in the early 2000s, which earned her the title ‘queen of car-parks’.

    The story of how Liu’s attention became focused on parking in Hong Kong speaks to her ability to turn an unfortunate situation into an opportunity.

    In the 1990s her family’s company Gale Well Group was caught flat-footed when Beijing unexpectedly began to tighten credit, putting her investments in the mainland under financial strain.

    With dwindling cash flow, Liu decided investing in car parks was more prudent, given that such assets were cheaper, offering better value for money than residential or commercial buildings.

    The decision helped the company to get through the property downturn in 2003, when the Sars epidemic shattered investors’ confidence, sending property values plummeting.


    On her 70th birthday Rita Tong Liu made a donation of HK$80 million to Caritas Institute of Higher Education to help the school to gain accreditation as Saint Francis University. Photo: SCMP

    “It was actually a safe choice. It may not fetch a high return yield in the short term, but it will also not depreciate much,” said Liu, referring to the investments in parking.

    However, being cautious at the right time does not mean staying defensive. Liu’s property portfolio has shifted focus to office space, where she foresees a continuing rise in demand, driven by China’s Belt and Road Initiative.

    “There will never be a lack of corporate tenants in the city. Companies overseas or from the mainland will come to get a spot as Hong Kong will remain a financing hub in the region,” said Liu.

    The veteran property investor believes low vacancy rates will push up rents in Grade A buildings as well as smaller, older buildings outside the core business district.

    “With a price of HK$20,000 per square foot, there is still a wide range of office space in good locations to buy. What kind of flat can you get with that?” she said.

    Her current portfolio of commercial property, according to Forbes, includes the China Insurance Group Building, Austin Plaza, 23 Queen’s Road East and three other office towers. She also holds entire floors in the Grand Millennium Plaza, Shun Tak Centre, Far East Financial Centre and the Lippo Centre.

    “We also wanted to buy The Center,” Liu said, referring to unsuccessful attempts to buy stakes in the fifth tallest skyscraper in Hong Kong.

    Liu said the assets worth HK$1 million (US$127,473 at today’s exchange rate) she received from the family of her late husband Liu Lit-ching proved to be gold in helping her gain a head start.

    Her husband was the eighth of nine sons of Liu Po-shan, founder of Chong Hing Bank.

    “It was big bucks back then,” Liu said.

    In the 1970s, HK$1 million could buy four 600-square foot flats in Taikoo Shing, a mass residential estate in the city. Now, one similar-sized flat in Taikoo Shing would fetch HK$12 million.

    Liu initially used the money to buy land and property in Macau in the early 1970s, taking inspiration from her grandparents and parents who were experienced landholders with a focus in warehousing.

    Liu, described as a tomboy by her younger brothers, does not believe in the old Chinese saying, “least said, soonest mended”.

    “If you do not say, how could others know?” she said, recalling that no one dared to hire her when she returned from overseas studies in the US. “If I did not ask my brother-in-law to offer me a job in Chong Hing Bank, I may have never started working.”

    Liu and her two younger brothers recently donated HK$80 million to the Caritas Institute of Higher Education to help the school upgrade its accreditation as Saint Francis University, becoming the first Catholic university in the city.

    “The competition in Hong Kong has been getting more and more fierce, and it is important to offer better education and career training to the young generation,” said Liu.
    HK Real Estate is some of the most expensive
    Gene Ching
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  15. #45
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    Pollyanna Chu Yuet Wah

    Another billionaire loses more money than I can even conceive of ever having...

    This Asian Billionaire Has Lost 74 Percent of Her Fortune
    By Blake Schmidt
    July 25, 2018, 11:37 AM PDT Updated on July 25, 2018, 10:29 PM PDT

    Kingston’s Chu loses $6.2 billion on year, or 74% of fortune
    The local press has dubbed her the ‘queen of shell companies’


    Pollyanna Chu Source: Imaginechina

    The “queen of shell companies” had already been dethroned as Hong Kong’s richest woman.

    Now Pollyanna Chu Yuet Wah, whose Kingston Financial Group Ltd. operates Macau casinos and margin-lending businesses, has lost 74 percent of her fortune, the biggest destruction of individual wealth this year in Asia, according to the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people. After starting the year at No. 183 with $8.4 billion, she’s currently worth $2.2 billion and has dropped off the list.

    The decline of her fortune deepened after Kingston reported fiscal 2018 profit of HK$1.4 billion ($178.4 million), a 9 percent drop from a year earlier, as soured margin loans increased. The firm gets most of its financing from unsecured loans provided cheaply by Chu and her family, according to an analysis by activist investor David Webb.

    Kingston plunged 17 percent on Jan. 30 after the Securities and Futures Commission said that 20 shareholders controlled more than 91 percent of the stock. It slid further in March after FTSE Russell purged Kingston from its benchmarks.

    Hong Kong’s richest woman loses half of her worth as stock plunges

    Kingston is Chu’s main holding, but her active role in Hong Kong’s market for small-cap stocks earned her the moniker “queen of shell companies” in the Hong Kong press. Part of Chu’s wealth stems from her father’s background managing VIP rooms in Macau. Gaming in the former Portuguese colony, which accounts for about 15 percent of Kingston’s revenue, generated HK$473.5 million last year, down 3.8 percent from fiscal 2017.

    Chu, 59, joined a record $5.2 billion deal to buy most of a Hong Kong skyscraper from Li Ka-Shing’s CK Asset Holdings Ltd., in the most expensive real estate transaction ever. CK Asset confirmed in May that the deal was completed.

    — With assistance by Tom Metcalf, Jack Witzig, and Sofia Horta e Costa

    (Updates skyscraper deal in last paragraph.)
    Gene Ching
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