Tag Archives: Chinese billionaires

Shanghai Seven-Star Waterfront Hotel Opens

Shanghai remains a favorite for new luxury outposts, be they stores or hotels, the latest of which is The Wanda Reign on the Bund. The over-the-top luxury hotel has opened on Shanghai’s waterfront, billing itself as the city’s first “7-star” hotel.

The Wanda Reign on the Bund opened to much fanfare recently, not only for being one of the most luxurious and opulent landmarks in Shanghai, but for the reputation of its owner Wang Sicong, the 28-year-old scion of a Chinese real estate baron who makes headlines for his spendthrift ways on nights out.

In keeping with his lavish tastes, the property was built to raise the bar in luxury hotel experiences. Set along the Huangpu River, the hotel is a museum of art and antique pieces by contemporary Chinese artists.

hotel_exterior_wanda_reign

The hotel tapped designer Laurence Xu – the first Chinese designer to join Paris Haute Couture Week – to create staff uniforms. Artistic motifs include magnolias and traditional Suzhou embroidery.

All of the 193 guestrooms are controlled via iPads, and are styled in Art Deco-themed esthetics that are available in two different styles: modern glamour in a beige color scheme, and darker, mahogany burl wood with magnolia details. Guest rooms and suites are outfitted with amenities by L’Occitane and Hermès.

The luxury is also in the details, with bedtime amenities that include a sleep fragrance, music and bedtime reading material.

For guests for whom money is no object, there’s also the Chairman Suite which spans 288 sq m (3,100 sq ft) and features a living room, dining area, adjoining pantry, bar, study, master bedroom sauna and massage bathtub. Guests also have access to butler service.

Dining options include the rooftop restaurant Marc, by Michelin-starred French chef Marc Meneau, and restaurants The River Drunk for classic Southern Chinese cuisine and The Japanese Restaurant.

A promotion has guest room rates at CNY3,000 ($453) a night.

executive_suite_wanda_reign

Jack Ma

China now has more billionaires than US

Jack Ma

The number of billionaires in China has overtaken that of the United States for the first time, an annual survey said Thursday, despite slowing growth in the world’s second-largest economy.

Communist-ruled China now has 596 billionaires, up a “staggering” 242 over the last year, Shanghai-based luxury magazine publisher Hurun Report said, surpassing the 537 Americans.

“Despite the slowdown in the economy, China’s richest have defied gravity, recording their best year ever,” Hurun Report Chairman Rupert Hoogewerf said in a statement.

Real estate and entertainment magnate Wang Jianlin dethroned founder of e-commerce giant Alibaba Jack Ma as the country’s richest person, Hurun’s annual wealth ranking showed.

Wang Jianlin

Wang, who founded conglomerate Wanda, saw his fortune jump more than 50% to $34.4 billion, helped by a surge in the stock price of a listed unit.

Wang is known outside China for a string of overseas acquisitions including the organiser of Ironman extreme endurance contests, Swiss sports marketing group Infront, and a stake in football club Atletico Madrid.

He burst into the spotlight in 2012 by buying US cinema chain AMC Entertainment for $2.6 billion.

Zong Qinghou

Wang took the top spot back from Ma, executive chairman of Alibaba, because of a collapse in the Internet company’s New York-quoted shares, which were the world’s biggest initial public offering when it listed last year. Ma’s wealth still stands at $22.7 billion.

Beverage tycoon Zong Qinghou of Wahaha remained in third place with just over $21 billion while Pony Ma, founder of Internet giant Tencent which operates popular messaging app WeChat, took fourth place with a little under $19 billion.

Lei Jun

Lei Jun of smartphone maker Xiaomi, which is seeking to challenge Apple, jumped 5 places to fifth by doubling his wealth to more $14 billion.

Yan Hao of road builder China Pacific Construction was sixth while the founder of search engine giant Baidu, Robin Li, dropped to seventh amid worries over his company’s huge spending to expand its business.

Baidu CEO Robin Li

NetDragon headquarters

VIDEO: Chinese millionaire builds Star Trek office

NetDragon headquarters

China’s online gaming operator NetDragon has its headquarters modeled after the Star Trek’s Starship Enterprise, new reports have confirmed.

The Y600m ($97m USD), six-floor building near Changle, southeast China, was made with the agreement of US rights holder CBS, reports the Wall Street Journal; NetDragon founder Liu Dejian is a big fan of the series.

NetDragon headquarters China

Construction started in 2010, with the building opening in May 2014; also contained within its halls is a full-size replica of a Tyrannosaurus rex.

The company runs a number of MMOs, including “Disney Fantasy Online,” as well as mobile apps that cover enterprise productivity, 3D home remodeling and weather reports.

Chinese Guan Vase

Chinese tycoon Liu snaps up ancient vase for $15 million

Guan Vase Southern Song Dynasty

Chinese tycoon Liu Yiqian splashed out nearly HK$114 million ($14.71 million) on an ancient vase at auction in Hong Kong Tuesday.

The octagonal piece, an 800-year-old Southern Song Dynasty work tinted a milky blue, broke the guide price of $7.7 million at the Sotheby’s sale.

Imperial Chinese bowl

The vase is from the same collection as a Chinese porcelain bowl which fetched nearly $27 million at a Sotheby’s sale in April 2012 (above). That price was a record for Song Dynasty ceramics.

Taxi-driver-turned-financier Liu — chairman of investment company Sunline Group — is one of China’s wealthiest men and among the country’s new class of super-rich scouring the globe for artworks.

Meiyintang Chenghua Chicken Cup

The 51 year-old broke the world auction record for Chinese porcelain in April last year when he bought a Ming Dynasty wine cup for $36 million, which he subsequently famously drank tea from.

In November he snapped up a Tibetan silk tapestry for $45 million at Christie’s in Hong Kong, setting another world record for any Chinese work of art sold by an international auction house.

Tibetan tapestry

Liu, who also owns his own museum in Shanghai, has said he is on a mission to bring ancient Chinese artefacts back to the country.

Taj Mahal

World’s most expensive holiday sold to a student

UNESCO World Heritage Sites

A luxury vacation package costing $1.5 million, dubbed “the world’s most expensive holiday,” has been sold to an unnamed Chinese man.

The luxury holiday takes in all of UNESCO’s spectacular 962 World Heritage Sites, spans over 157 countries and lasts one year. Costing $1.5 million, the package was put together by luxury travel company Hurlingham Travel and sold through exclusive e-commerce site veryfirstto.com.

After first being offered last month, the luxury package has been sold to an “unnamed man from China,” according to a report in the UK’s Guardian. Though neither VeryFirstTo or Hurlingham Travel have released press statements on this matter, the report indicates that the buyer is studying for a PhD, though little else is known about the man who will embark on his luxury travels next year.

The report also indicates that the site received a total of 15 enquires into the “the world’s most expensive holiday package.”

Li Ka-shing photo

Asia has the world’s most billionaires

Li Ka-shing

Asia has more billionaires than any other continent, a survey by a China-based wealth magazine showed on Thursday, overtaking North America for the first time.

There were 1,453 people around the world with a personal wealth of $1 billion or more as of January, said the Hurun Report, a luxury magazine publisher that compiled the list. Asia had 608 billionaires, North America 440 and Europe 324,.

It is believed to be the first time Asia has been named as home of the largest proportion of super-rich on any global list.

US magazine Forbes said in its most recent international rich list, published in March last year, that the Asia-Pacific region had 315 billionaires, compared to 450 from North America and 310 in Europe.

Among individual countries, the United States and China dominated the Hurun list, with 408 and 317 billionaires respectively, followed by Russia, Germany and India.

Mexican telecoms czar Carlos Slim, 73, was ranked as the “Richest Man on the Planet” with a personal fortune of $66 billion. Slim also topped last year’s Forbes global list.

US investor Warren Buffett and Amancio Ortega of Spain, founder of fashion brand Zara, were second and third in the Hurun Report rankings, with a net worth of $58 billion and $55 billion respectively.

Hong Kong investor Li Ka-shing (pictured above) kept his title of Asia’s richest man with $32 billion, the seventh wealthiest person in the world.

“In China we’ve seen a huge urbanisation boom and that has created a lot of wealth in property,” Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, told AFP.

Zong Qinghou, who heads soft-drink producer Wahaha, and Wang Jianlin of property developer Wanda were the only two from mainland China to make it into the top 100.

The Hurun Report estimated the total wealth of the world’s dollar billionaires at $5.5 trillion, roughly the size of the Japanese economy last year.

“This past year has seen a rebound in the wealth of the private sector,” it said, adding the net assets of the 10 richest people on the list rose 22 percent over the year, or $250 million a day.

Real estate, telecommunications, media and technology and retail were the most common sources of wealth, it added.

Moscow has more billionaires than any other city in the world with 76, it said, edging out New York, Hong Kong, Beijing and London.

Hoogewerf said the true number of billionaires in the world could be three times higher as some super-rich hid their worth.

“Some people deliberately make their wealth a secret because… they gained it through illegal ways,” he told reporters at a press conference. “Some others simply prefer to keep a low profile.”

Robin Li Baidu

Chinese billionaires lost a third of wealth in one year

Robin Li Baidu

Chinese billionaires have lost one-third of their combined wealth over the past year, according to new research, reported CBNC Monday.

The latest annual World Ultra Health Report 2012-2013 by wealth research firm Wealth-X revealed that Chinese billionaires lost value equivalent to US$160 billion from the period August 2011 to July 2012.
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Branda castle bordeaux

Chinese tycoons snap up Bordeaux chateaux

Branda castle bordeaux

The world’s largest producer of alcohol from goji berries and an elusive tycoon have become the latest super rich Chinese investors to invest in Bordeaux wine estates.

Already a prized investment for the increasingly wine-savvy Chinese, five more chateaux in the heart of France’s most renowned wine country have been snapped up in the past few weeks.

Zhang Jinshan, 48, founder of the Ningxia Hong group based in northwestern China, bought Chateau du Grand Moueys from its German owner on Friday.
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Van Cleef Arpels store Beijing

China’s rich are young, single – and mostly male

Van Cleef Arpels store Beijing

They’ve become one of the world’s most influential social groups and now a little more light has been shed on the makeup of China’s rising band of rich.

The HSBC corporation and international research company Nielsen have just released their findings into a survey that attempts to dissect the makeup of the richest 10 percent of the population of eight countries in the Asia-Pacific region.

The countries focused on were mainland China, Hong Kong, Taiwan, Singapore, India, Indonesia, Malaysia and Australia.
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billionaires 2011

The world’s billionaires 2011

billionaires 2011

Carlos Slim Helu remained the world’s richest person, but Asia is where today’s big money is flowing, Forbes magazine said in its 2011 list of the world’s billionaires.

Slim, who is almost unknown to the general public outside Mexico, weighed in at a staggering $74 billion of net wealth thanks to his telecoms empire. Already the top dog last year, he increased his fortune by $20.5 billion dollars.

In a now familiar second place was Microsoft founder Bill Gates with $56 billion. The relatively lowly ranking reflected his enormous philanthropic give-aways over the year.
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Louis Vuitton Shanghai shopping mall

China biggest luxury goods market by 2020

Louis Vuitton Shanghai shopping mall

China will be the world’s biggest luxury goods market by 2020 as its economy booms and an emerging middle class spends a growing chunk of their cash on high-end items.

Over the next decade, Chinese consumers — including a surging number of billionaires — will account for 44 percent of global spending on goods such as bags, vehicles, watches, shoes and clothes, the report by brokerage CLSA said.

The nation’s luxury goods sector was worth $25 billion in 2009, or about 10% of the world market, including purchases by consumers in HK, Macau and Taiwan.
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Antique collector Chan Fo-kwan

Chinese boost prices in world’s auction houses

Antique collector Chan Fo-kwan

A Chinese face or two in the crowd at the world’s auction houses often means one thing: the gavel will fall on a price far beyond the seller’s wildest dreams.

Fierce bidding by Chinese buyers for a vase at a small London auctioneer in November, for example, drove the price up nearly 40 times beyond its estimate, from around $1.9 million to $70 million.

It was the highest price ever paid for a Chinese artwork sold at auction and equivalent to a huge lottery win for the sellers, who found the 18th Century Qianlong Emperor-era piece while clearing out a house after a relative died.
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cartier china

2011 Hurun Best of the Best Awards

cartier china

Luxury-brand awareness is growing among China’s super rich, who recognize 20% more of the lavish brands than they did last year, according to the Hurun Report.

The 2011 Best of The Best Survey, which interviewed 401 Chinese mainland millionaires, each with assets of more than 10 million yuan ($1.5 million), said the super rich in China are developing more sophisticated tastes in luxury products.

“Chinese entrepreneurs are getting more and more sophisticated, discerning and confident in their personal style, and what they aspire to, as they try to turn new money into old money,” said Rupert Hoogewerf, founder of the Hurun Report.
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helicopter china

China opens skies to private air transport

helicopter china

After years of waiting for China to lift heavy restrictions on airspace, wealthy travellers and aircraft manufacturers have reason to celebrate — the country’s skies are opening up to private flights.

The makers of helicopters and small business jets are predicting a major bump in sales — France’s Dassault Falcon just moved its Asia office from Kuala Lumpur to Beijing, which it called the new “centre of gravity” for the market.

The private air travel industry “will be one of the fastest-growing sectors in the next 10 years”, Frank Lee, chairman of China Private Aviation Company, a consultancy offering aircraft acquisition and charter services, told AFP.
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Tiffany eyes aggressive expansion in China

US jeweller Tiffany & Co is aiming to make a major push into China as it seeks to tap a growing appetite for luxury goods among the country’s new wealthy.

“China will rapidly become the place where we will have the greatest number of new stores,” Tiffany chairman Michael J. Kowalski said on Tuesday.

The firm, showcased in the 1961 film Breakfast at Tiffany’s, plans to open 25 to 30 outlets across the country over the next three years.

During its current fiscal year, which ends in January, the company will inaugurate 14 stores around the world, four of them in China, it added.
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China’s mainland has over 875,000 multimillionaires

super rich chinese

The Hurun Research Institute published the 2010 Hurun Wealth Report today for the second consecutive year.

The report analyses the number and distribution of China’s wealthy across the nation’s major cities and provinces.

The report shows that there are 875,000 people with more than RMB 10million (EUR 1.1M / USD 1.47M) in China today, an increase of 6.1% from last year.

This growth has occurred against a background of strong economic performance in China‘s economy.

GDP grew by 8.7% in 2009 to RMB 33.5trillion, and the Shanghai Composite Index rose over the same period from 2300 points to 3000, an increase of 30%.
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What crisis? China’s billionaires live it up

While the rest of the world struggles to bounce back from the global financial crisis, China’s billionaires are living large, snapping up luxury products at a breathtaking pace.

Beijing’s Jinbao Street is the must-visit address for billionaires with yuan to burn.

Once a maze of alleys, the 800-metre (yard) stretch of road is now home to Rolls-Royce, Bugatti, Lamborghini, Gucci, Cartier, the exclusive Hong Kong Jockey Club and several five-star hotels.
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China: second largest billionaire population

chinese vases store

It is official that China has become the country with the second largest population of billionaires in the world, just behind the US.

Revealed by the World Entrepreneur magazine, a list of 2007’s top 500 Chinese magnates determined their combined wealth more than 587 billion dollars.

Though the list included many from Chinese mainland, Taiwan, Hong Kong and Macao, the Kwok brothers of Sun Hung Kai Properties in Hong Kong topped the list.
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