Latest Global Business News

Wang Sicong doesn't want to takeover Wang Jianlin's Wanda Empire? China's richest man...

wangsicong dont want to takeover wangjianlin empire pic2aWang Jianlin's son Wang Sicong
 
The 15th China Entrepreneur Summit took place from 10 to 11 Dec 2016 in Beijing.
 
At the event, the founding Chairman of conglomerate Dalian Wanda Group, Wang Jianlin (62), gave a speech and answered questions from the media and critics. He is also the wealthiest man in China with an estimated networth of US$33.3 bil as at August 2016.
 
wangsicong dont want to takeover wangjianlin empire pic1
Peter Wang Jianlin
 
When asked about succession planning, he reveals that he has communicated with his only son, Wang Sicong (28) before, but Sicong appears unwillingly to live the hectic life that he leads. They are still pondering over the question and is open to passing the day-to-day running of the business to a professional CEO. Currently, he has many good candidates to choose from his 5 business divisions. He will not be grooming anyone at the moment and will let his strong candidates develop naturally.
 
Critics noticed that his Wanda properties company has debts of over 400 billion yuan (S$83 bil) and asked if he is the richest man in China or the richest in debt?
 
In reply, boss Wang says:
1. The 400 billion yuan of debt belongs to his property company Dalian Wanda Commercial Properties Co. Ltd and is not his personal debts.
2. His critics delibrately left out the assets on his balance sheet and mentioned only his debts. If both sides more or less balance out, than it is not so bad. And Wanda Commercial Properties Co. has more than 630 billion yuan of assets(S$131 bil, revenue of 290 billion yuan (S$60 bil)).
3. Liabilities in the Chinese property market is relatively more unique. Presales is considered as a part of the liabilities and can only be accounted for as income until the property project has been inspected and obtains its construction completion certificate from the authorities.
4. If we talk about net assets, as at 30 June 2016, Wanda Commercial Properties Co. has 190 billion yuan (S$39 bil) of net assets which will surely exceed 200 billion yuan (S$41 bil) by the end of the year. Is this a poor company?
5. Wang Jianlian says that he personally holds about 150 billion yuan (S$31 bil) of shares in Wanda Commercial Properties and Wanda Cinemas that is unencumbered. If he is desperate for money, he would have pledged them as collaterals for loans.
 
He concludes by saying that he will be donating a large part of his wealth back to society and is just enjoying the process of accumulating wealth at the moment. In earlier interviews and speeches, he says that he will be transferring his shares to his son, Wang Sicong, when he passes away.
 
wangsicong dont want to takeover wangjianlin empire pic2a
 

选王思聪接班?王健林:他不愿过我这样的生活 (Flash player required)

 
 

Add comment

Emails are optional and for tracking replies. Names are unique; get yours today with a comment!


Security code
Refresh

La Business

Chna's economy grows 6.8% on strong consumer spending
Chna's economy grows 6.8% on strong consumer spending

  Despite concerns of a trade war between Washington and Beijing,... China's G [ ... ]

Read more la
Japan to introduce 'Sayonara Tax' from 2019
Japan to introduce 'Sayonara Tax' from 2019

  Travelers leaving Japan will have to pay a departure tax of one thousand yen [ ... ]

Read more la
Interview with Bitcoin.com CEO Roger Ver
Interview with Bitcoin.com CEO Roger Ver

  The debate continues on virtual currencies. The potential for it to accelerate t [ ... ]

Read more la
China imposes tariffs on 128 items of U.S. imports
China imposes tariffs on 128 items of U.S. imports

  China is imposing new tariffs on meat, fruit and other products from the U [ ... ]

Read more la
Federal Reserve hikes key interest rate from 1.5% to 1.75%, highest since 2008
Federal Reserve hikes key interest rate from 1.5% to 1.75%, highest since 2008

  Turning now to the Federal Reserve's decision to hike U.S. rates to their hi [ ... ]

Read more la
Amazon overtakes Google as second most valuable company in U.S.
Amazon overtakes Google as second most valuable company in U.S.

  E-commerce giant Amazon,... has overtaken Alphabet, Google's parent company,.. [ ... ]

Read more la
WTO chief warns Trump's proposed tariffs will lead to global recession
WTO chief warns Trump's proposed tariffs will lead to global recession

  With fears rising over the possibility of a full-scale tariff war, the hea [ ... ]

Read more la
China maintains economic growth target of 6.5% for 2018
China maintains economic growth target of 6.5% for 2018

  China has set its economic growth target at six-and-a-half percent for t [ ... ]

Read more la
Trump's new tariff announcement may trigger global 'trade war'
Trump's new tariff announcement may trigger global 'trade war'

  Signs of a global trade war is breaking out as the Trump administration deci [ ... ]

Read more la
Fed could raise rates 4 times in 2018
Fed could raise rates 4 times in 2018

  The new chairman of the Federal Reserve has vowed to prevent the U.S. economy fr [ ... ]

Read more la
Samsung heir apparent released after 353 days in prison
Samsung heir apparent released after 353 days in prison

  Samsung Electronics vice chair is no longer behind bars. This follows an appeal [ ... ]

Read more la
Google surpasses US$100 billion annual revenue in 2017
Google surpasses US$100 billion annual revenue in 2017

  Google has officially joined the 100 billion dollar club for the first t [ ... ]

Read more la
Facebook to ban all cryptocurrency advertisements including bitcoin and ICOs
Facebook to ban all cryptocurrency advertisements including bitcoin and ICOs

  Facebook is banning all advertisements promoting cryptocurrency products and ser [ ... ]

Read more la
German carmakers spark outrage over diesel fumes test on humans, monkeys
German carmakers spark outrage over diesel fumes test on humans, monkeys

  Another diesel scandal is gripping German carmakers, but this time it's not  [ ... ]

Read more la
Bitcoin theft reached $90 mil. in 2017, from $3 mil. in 2013: Chainalysis
Bitcoin theft reached $90 mil. in 2017, from $3 mil. in 2013: Chainalysis

  If you are trading digital currency,.. you may wanna pay special attention to th [ ... ]

Read more la
Trump signs safeguard measures against imported washers, solar cells
Trump signs safeguard measures against imported washers, solar cells

  U.S. President Donald Trump signed an executive order slapping import tariffs  [ ... ]

Read more la

Our Sponsors


La Latest

50 days to go until World Cup 2018 Russia

  Another major international sporting event on this year's calender is the 2018 [ ... ]

Read more la
South & North Korea meet to eat

  The food that will be served during dinner following Friday's landmark int [ ... ]

Read more la
Duke and Duchess of Cambridge leave hospital with new son

  The Duke and Duchess of Cambridge leave hospital with their new son.   [ ... ]

Read more la
At least 9 dead, 16 injured after van hits pedestrians in north Toronto

  Now for a look at stories making headlines around the world and we start in Ca [ ... ]

Read more la
Chna's economy grows 6.8% on strong consumer spending

  Despite concerns of a trade war between Washington and Beijing,... China's G [ ... ]

Read more la
AI-powered system serves as research assistant for lawyers

  Artificial intelligence has the ability to analyze massive amounts of data i [ ... ]

Read more la
NATO to test cyber defense in world's largest cyber defense drill

  Cyber experts from NATO will put their skills to the test in the world's l [ ... ]

Read more la
Police investigate Starbucks after hidden camera found in toilet

  After accusations of racial profiling, Starbucks is in more hot water as it is n [ ... ]

Read more la

La Entertain

Will Ferrell hospitalised after car crash

  US actor, Will Ferrell has been treated in hospital after a car crash in Cal [ ... ]

Read more la
Fan Bingbing Making Cleavage Great Again in Taiwan

Fan Bingbing was recently on tour in Taiwan. She looks to be on a business trip for a jewellery prod [ ... ]

Read more la
Leon Lai makes baby daughter with assistant Wing Chan; girlfriend not married not pretty enough?

On 19 Mar 2018, Leon Lai (51) announces that he has successfully produced a baby with his assistant- [ ... ]

Read more la
Choi Jiwoo from Winter Sonata married; wedding in Seoul

  Now to some celebrity news that caught everyone off guard.   Korean actress [ ... ]

Read more la
Daisy Ridley, James Corden among stars at Peter Rabbit premiere

  The stars of the new Peter Rabbit movie attended the film's premiere in central  [ ... ]

Read more la
Best Actress trophy stolen at the Oscars!

  Frances McDormand had her Oscar trophy stolen shortly after winning it at the  [ ... ]

Read more la
G-Dragon of BIGBANG begins his mandatory military service

And this one is for the K-pop fans out there..   G-Dragon of boy band BIGBANG begins his  [ ... ]

Read more la
Pixie Lott: Ariana Grande 'like an angel'

  Pixie Lott says she "can't imagine" what singer Ariana Grande has been throu [ ... ]

Read more la