CINEMA CHAIN OWNER IS CHINA’S RICHEST PERSON – ‘FORBES’

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SHANGHAI: A multibillionaire who bought US cinema chain AMC Entertainment and has just acquired a luxury British yacht builder has taken top spot as China’s richest man, according to Forbes magazine. Wang Jianlin, head of conglomerate Wanda Group—a private firm with interests ranging from property to retailing—had estimated wealth of $14 billion, the magazine said on its website. His fortune soared from $8 billion last year, when he was in third place, putting him now $3 billion ahead of former title-holder Zong Qinghou, a beverage tycoon, it said. A recovery in China’ss property market helped swell Wang’s wealth, Forbes Shanghai Bureau Chief Russell Flannery told Agence France-Presse on Tuesday. “Urbanization is going to boost demand for real estate in important Chinese cities for a long time,” said Flannery, who compiles the magazine’s annual ranking of China’s richest people. “That has fuelled wealth creation not only in China but all across Asia,” he added. Wang’s wealth comes mainly from commercial real estate, which has been less affected by a Chinese government crackdown on surging home prices.

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AFP

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