Chinas richest man looking for successor after son refuses

first_imgFrom K J M VarmaBeijing, Dec 12 (PTI) Chinas richest man, owning a USD 92 billion empire, today said he is looking for a successor, most likely from a group of professional managers, to take over his business after his son declined to be his heir apparent.Wang Jianlin, 62, founder and chairman of Dalian Wanda Group Co, whose businessincludesshopping malls, theme parks, sports clubs and cinemas, saidhe is most likely to pick from a group of professional managers to take over the running of his business.”I have asked my son about the succession plan, and he said he does not want to live a life like I do,” Wang was quoted as saying by Hong Kongs South-China Morning Post atChina Entrepreneurs Summit.”Perhaps young people have their own quests and priorities. Probably it will be better to hand over to professional managers and we sit on the board and see them run the company,” he said.The wealthy scions of Chinas billionaire entrepreneurs, known asfuerdaiare increasingly striking different paths, as more than three decades of break-neck economic growth and overseas education have given them different experiences, world view and aspirations from their parents.More than 80 per cent of Chinese heirs are not keen on assuming the reins of their parents businesses,a survey by the Shanghai Jiaotong University, covering 182 of the countrys top family-run companies said.Some were backing off due to intense pressures, while others simply were pursuing other career interests, study by the association of Chinese private enterprises showed, the Post report said.advertisementWanda, founded in the port city of Dalian in 1988, is the epitome of Chinas rags-to-wealth story, where it grew from a small property developer into a conglomerate operating malls, hotels, theme parks and the worlds largest chain of movie cinemas.In the process, its made Wang and his only son immensely wealthy.Wang, who visited India and met Prime Minister Narendra Modi had committed to invest about USD 10 billion in a Chinese project in Haryana.Following a worldwide buying spree that added AMC Entertainment, the Hoyts Group and Odeon and UCI Cinemas, Wanda now operates the worlds largest chain of cinemas, with more than 10,000 screens.It also owns hotels operated by Westin and Sofitel, as well as shopping malls and plans to build as many as 15 multibillion-yuan theme parks around the country.After snapping up stakes in European football clubs, Wanda is now turning its sights on Hollywood, announcing plans to purchase Dick Clark Productions in November that granted it the broadcasting rights to Golden Globe Awards. PTI KJVKJ AKJ KJlast_img

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