Man refuses to take over father's £100 billion business empire

Man refuses to take over father's £100 billion business empire
Published: 2016 December 15 19:07:11 (7326 Views)
The wealthiest man in China is on the hunt for an heir to his $122 billion empire after his son refused to take it over.

Wang Jianlin, founder and chairman of Dalian Wanda Group, has a huge portfolio which includes shopping centres, hotels, theme parks and sports clubs.

But his only son, 28-year-old Wang Sicong, has flat out refused to take over the company.

Wang, 62, told an entrepreneurs summit over the weekend: 'I have asked my son about the succession plan, and he said he does not want to live a life like mine.'

'Perhaps young people have their own quests and priorities. Probably it will be better to hand over to professional managers and have us sit on the board and see them run the company.'



Yet that hasn't meant that Wang has had nothing to do with his father's empire.

He is currently director of Dalian Wanda Group and owns a 2% stake, according to South China Morning Post.

Wang, who studied in Britain, founded Prometheus Capital in 2011 and has made investments in Invictus Gaming, Dining Concepts Holdings.

Last year, Wang bought two Apple Watches for his dog, called Wang Keke, who wears them both on his front legs.

Pictures of the dog wearing the Apple watches caused outcry when they were posted to Weibo because of the rapid widening wealth gap in the country.

Apple watches typically sell for between £820 and £1,300 in China, which is significantly more than the average office worker's monthly salary.



Source - Metro

Tags: wealth, business,
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