Real-estate developer Wang Jianlin has become China’s wealthiest man, with his fortunes totaling to $14 billion and overtaking beverage entrepreneur Zong Qinghou’s measly $11 billion, according to Forbes’s estimates.
Wang’s commercial real estate business, Dalian Wanda Commercial Property has 72 Wanda Plaza shopping centres, 40 five-star hotels and a net worth of $16 billion.
Dalian Wanda Commercial Property benefited from its purchase of 65% stake in Hong Kong-listed Hengli Commercial Properties and changing the name of the stock to Wanda Commercial Properties Co, boosting the prices of its shares.
The 58-year-old tycoon recently acquired the American AMC movie theatre chain last year for $2.6 billion.
Dalian Wanda Group also plan on expanding its luxury real-estate and hotel business overseas by building the world’s first Chinese luxury hotel outside Mainland China to cater to China’s booming outbound travel market. The hotel will be built in London with an investment of £700 million ($1.09 billion).
The company plans on building more Wanda luxury hotels in eight to ten major cities around the world in the next decade.
The wealth of China’s richest man still has a long way to reach the top as he is $59 billion behind the world’s richest man, Mexican tycoon Carlos Slim.
By Sam Canpadee
[Image Via: Forbes]