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Financial turmoil makes the rich poorer

Yvonne Dong — Mon, 03 Nov 2008 07:13:46 +0000

Financial turmoil is mirrored by the latest list of China’s 400 richest people compiled by Forbes magazine. According to the Forbes report, their combined net worth dropped nearly 40 percent to $173 billion from $288 billion last year, and the top richest lost $68 billion. Their fortunes have plummeted along with a 60 percent plunge in mainland stocks and a 50 percent drop in Hong Kong Shares this year.

There are 24 billionaires in this year’s list compared to last year record 66. The losses would be even larger if it had not been yuan’s appreciation. Dominating the list for years, real estate developers are big losers as housing prices sag.

Yang Huiyan, the wealthiest person last year, who inherited a vast fortune from her father, suffered greatest this year. She is now ranked third as her net worth plunged 86 percent to $2.21 billion.

Zhang Xin, CEO of SOHO China, whose net worth has shrunk about two-thirds to $1.2 billion, is ranked 19th down from 7th last year.

Zhang Songqiao, who focuses on property development in western China, is the chairman of C C Land. He saw 98 percent of his fortune evaporate and disappeared from the list this year.

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Aristocrats’ lives in China

Yvonne Dong — Tue, 21 Oct 2008 10:35:16 +0000

“Being rich and living the life of an aristocrat are not the same thing,” said Rupert Hoogewerf, author of 2008 Hurun Report of New Aristocracy, who is known better by his Chinese name Hu Run. He said the report was complied after analyzing the lifestyles of more than 100 super rich people in China and not all spend lavishly.

An aristocrat in China generally spends around 4.57 million yuan ($672,000) a year. However, to live as an aristocrat, the super rich must have spent at least 83 million yuan. The report describes a typical aristocrat.

He is a man around 40s, lives in Shanghai with his wife and has a 17-year-old son studying in Britain. He owns a villa in Shanghai and an apartment in Beijing, has four cars including a Rolls-Royce Phantom for himself and a Mercedes-Benz ML500 for his wife.

He likes playing golf and has paid more than 3.5 million yuan joining golf club in Shnaghai and Beijing. Sometimes, he charters a plane with his friends to play golf in Hainan province.

He has four watches including a Vacheron Constantin and an Oyster perpetual Datejust, and a wedding ring which is very likely from Tiffany Legacy.

Recently, he has been indulged in wines. In his cellar, Chateau Lafite Rothschild costing 226,656 yuan can be found. He smokes Davidoff Classic NO.2. Now, he is more involved in charity.

According to Hoogewerf, top 100 richest people in the country had donated $120 million which were about 10 percent of the total donations. This amazing figure was received by the Ministry of Civil Affairs within a week of the May 12 earthquake.

Hoogewerf just wants to give an insight of the life of the rich for people’s curiosity. He estimates that currently there are only 50,000 people in the country can maintain such a lifestyle compared with 150,000 people last year. Because some entrepreneurs do not want lead an aristocrat’s lifestyle.

“I do not know where I can spend so much money. Maybe one day, I will buy a villa costing millions of yuan, but not now,” said Yu Minhong, CEO of the New Oriental Group, who ranked 134 in 2007 Hurun China Rich List.

Liu Mingming, a 24 years old worker in an office said, “Every one has his or her own lifestyle. They can be involved in whatever they want, so long as it makes them happy.” He said at the same time that what surprised him is there were so many rich people in China.

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Rearranged rich list

Yvonne Dong — Mon, 13 Oct 2008 06:04:29 +0000

The 2008 Hurun China Rich Report was released, showing that new names from the emergent alternative energy sector are moving all the way up to the top of the list as China’s richest have generally lost their wealth this year.

Solar energy tycoon Peng Xiaofeng, with a personal wealth of 27 billion yuan, was No4. He was No6 on last year’s list.Shi Zhenrong, another solar energy developer from Jiangsu province, soared up to 8th from 25th last with a personal wealth of 21.5 billion yuan.Totally, there were 22 solar energy tycoons listed, compared with 9 last year.

The report says that their achievement proves China’s ability and potential in alternative energy exploitation.

On Monday, the list’s top 3 were revealed by the publishers. They respectively were 39-year-old appliance and property developer Huang Guangyu, steel tycoon Du Shuanghua and last year’s No 1 Yang Huiyan.

As the gloomy situation sustained in the stock and property markets, more than half the China’s richest suffered the wealth loss-by 22 percent from last year on average- while 20 percent made some small gains.

Despite, China still has 101 billionaires and listed 1,000 or more names with more than 700 million yuan personal wealth.

88 woman entrepreneurs were listed.0.7 percent more than last year.

The youngest billionaire was 20-year-old Wu Qun coming from Jiangsu province. He runs a medical firm with his father and now is worth 1.1 billion yuan.

The oldest was Yu Pengnian who is currently worth 2 billion yuan. He is a property and hotel tycoon.

Yu is also the most generous billionaire who has donated more than 300 million yuan for the healthcare and education sector until now.

Yao Ming, the NBA star, ranked 987th with a personal wealth of 700 million yuan. He earned $15 million from the 08-09 sports season besides advertising incomes.

Most billionaires spring up from Zhejiang, Guangdong and Jiangsu provinces, while most made their headquarters in Guangdong, Zhejiang, and Shanghai.

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