|
November
1st 2002 (FriedlNet.com) - For the 4th consecutive year Forbes last Friday published its list of China’s Richest for the year 2002. It seems the richest of the filthy rich have gotten even richer, with the threshold to be included in the list of richest 100 climbing to $84 million compared to the $50 million needed one year earlier. Much of the lists entrepreneurs are engaged in real estate and building, sectors that have been the fastest to open up since China’s reform efforts started - a shift away from agriculture, which dominated last year’s list.
Number one is Rong Zhijian, 60, who presides over a wealth estimated at $850 million, up three spots and $70 million from last year. He owns nearly 19% of Hong Kong-based Citic Pacific Group, a group investing in infrastructure projects such as tunnels and bridges in Shanghai and Hong Kong, power-generation plants, aviation and telecommunications. In 1992, he was the first private businessman to have a company listed on the stock exchange.
The silver medal goes to Fujian native Xu Rongmao, 52, who wheels and deals in Hong Kong, Beijing, Shanghai and Fujian real estate.
Of the 36 newcomers to the list, Shanghai-ning Eddie Ye Lipei, 58, beat them all, jumping on to tie for 6th place by means of residential Shanghai real estate deals.
The face of the list changes rapidly in China’s quickly changing currents and undercurrents, with only 29 from the 2001 list and 9 people off the 1999 list (of only 50 that year) hanging on to show up on this year’s. 4 of last year’s 7 top women dived off the list into less rich oblivion. Most notably, however, is the spooky absence of last year’s numbers 2 and 3.
Last year’s number 2, the Chinese-Dutch businessman and flower-lover Yang Bin, dropped off the list due to valuation problems, as he is now living behind bars. In September, less than 2 weeks after North Korean leader Kim Jong Il appointed him to manage a new special economic zone in Sinuiju, just across from the Chinese boarder, he was arrested on charges of tax delinquency and suspicious activities related to his Euro-Asia Group, which specializes in real estate, tourism and flowers. Trading in the Group’s stocks was suspended at the end of September after having taken a 80% nose-dive during the course of this year.
Last year’s number 3, auto tycoon Yang Rong, chief of one of China’s largest automakers, Brilliance China Automotive Holdings Ltd.
 , was also suspended from the list amidst personal turmoil. Mr. Yang fled the country to Los Angeles, fearing arrest after the Liaoning provincial government accused him of stealing $60 million dollars in a power struggle to win over control of the auto corporation.
The company hit gold years back with a licensed copy of a Toyota minivan that sold like hot cakes. Managed by Yang, the company grew in might, forging alliances with foreign companies like Germany’s BMW and MG Rover.
As the list reflects, things are changing with the blink of an eye in modern-day China. Here today, gone tomorrow… the incessant capital restructuring and accelerated globalization are sure to bear witness to yet another round of fresh faces on next year’s list. But for all we know, some big players might not even be on any of the lists, lying low, fearing the tax authorities might be hot on their heels in this country of very murky laws and constantly morphing tax codes. As the Chinese would say:
- people don’t want to get famous, just like pigs don’t want to get fat.
|
|
