Wang Sicong doesn't want to takeover Wang Jianlin's Wanda Empire? China's richest man...
Wang 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.
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.
选王思聪接班？王健林：他不愿过我这样的生活 (Flash player required)