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

Fed hikes rates, points to 2 more increases by end of 2018
Fed hikes rates, points to 2 more increases by end of 2018

  The Federal Reserve has hiked U.S. rates yet again,... by its usual 25 basis [ ... ]

Read more la
Chinese telecom firm ZTE to pay US$1 billion fine to lift US sanctions
Chinese telecom firm ZTE to pay US$1 billion fine to lift US sanctions

  The Trump administration has announced that it has struck a deal with Chines [ ... ]

Read more la
Trade War 2018 would trigger financial crisis & 9% drop in global trade
Trade War 2018 would trigger financial crisis & 9% drop in global trade

  With the escalation of the trade tensions between the U.S. and its major t [ ... ]

Read more la
U.S. Federal Reserve holds interest rates steady
U.S. Federal Reserve holds interest rates steady

  In a widely expected move,... the U.S. Federal Reserve has left rates unch [ ... ]

Read more la
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

Our Sponsors


La Latest

Russian football fans celebrate World Cup win

  Russian football fans take to the streets in Moscow to celebrate Russia's seco [ ... ]

Read more la
Lion football proves to be a roaring success at Israeli zoo

  With the World Cup in full swing the lions of Israel’s Safari Zoo had a go [ ... ]

Read more la
Day-5 wrap up from Russia World Cup 2018

  The curtain has come down on day five of the 2018 Russia World Cup. We had a  [ ... ]

Read more la
Annual dragon boat races in Hong Kong attract hundreds

  Hong Kong’s annual dragon boat races have attracted hundreds of people. Th [ ... ]

Read more la
CCTV cameras capture the moment deadly earthquake hits Osaka

  CCTV cameras captured the moment a deadly earthquake struck the Japanese cit [ ... ]

Read more la
No-breakfast lifestyle leads to higher obesity rate?

  Skipping the first meal of the day could lead to weight gain... that's according [ ... ]

Read more la
World Cup: Croatia beat Nigeria to top Group D

  In the World Cup, in Russia, Croatia are now at the top of what's being call [ ... ]

Read more la
World Cup update: Ronaldo steals show in Portugal's 3-3 against Spain

  Let's take a look back at Friday's action from the 2018 World Cup in Russi [ ... ]

Read more la

La Entertain

Gao Yuanyuan vs Angelababy - Full Frontal Red vs Black

At a recent publicity event with a big budget on 8 Jun 2018, Gao Yuanyuan and Angelababy were invite [ ... ]

Read more la
Shawn Yue domesticated by kinky wife Sarah Wang & son Cody Yue

Shawn Yue (36) has officially been domesticated by his hot and kinky Taiwanese wife Sarah Wang (29). [ ... ]

Read more la
Legend of Ravaging Dynasties 2 greets fans on 6 July 2018

Legend of Ravaging Dynasties (LORD) was initially released on 30 Sep 2016. Now, part 2 of the series [ ... ]

Read more la
Miss America bans bikini; beauty contest not beautiful anymore?

  Miss America is scrapping its swimsuit competition and will no longer judge cont [ ... ]

Read more la
Celebrating 25 years of Jurassic Park

  As the original ‘Jurassic Park’ movie marks its 25th anniversary, actors Jef [ ... ]

Read more la
BTS wins 'Top Social Artist' award two consecutive years in BBMAs

  K-pop group BTS won the "Top Social Artist Award" for the second year in a [ ... ]

Read more la
Burning in Cannes 2018

  'Burning', the latest release by Korean director Lee Chang-dong has soared t [ ... ]

Read more la
ABBA release new music after 35 years

  Swedish pop group ABBA have announced they are releasing new music for the f [ ... ]

Read more la