Chinese Tycoons, CEOs & Tuhao

Kong Dongmei

05/09/2013 11:52 am ET Updated Jul 09, 2013
Kong Dongmei, Granddaughter Of Mao Zedong, Appears On China Rich List
Agence France Presse


GETTY IMAGES

The appearance of a grand-daughter of Mao Zedong, founding father of Communist China, on a list of the country’s richest citizens prompted online accusations of hypocrisy Thursday.

Kong Dongmei, now in her early 40s, and husband Chen Dongsheng ranked 242th with personal wealth estimated at five billion yuan ($815 million) on a rich list released this month by New Fortune, a Chinese financial magazine.

Kong is the grand-daughter of Mao and his third wife He Zizhen. In 2001 she founded a book store in Beijing selling publications about Mao and promoting “Red Culture” after studying at the University of Pennsylvania in the US.

In 2011, Kong married Chen, who controls an insurance company, an auction house and a courier firm, after they had maintained an extramarital relationship for 15 years, according to the magazine, which cited other Chinese media reports.

The couple have two daughters and a son, said New Fortune — likely to be a violation of China’s one-child policy.

Kong’s inclusion on the rich list triggered hot debate on China’s Twitter-like weibos, with some accusing her of betraying her grandfather’s status as the “great teacher of proletariat revolution”.

“The offspring of Chairman Mao, who led us to eradicate private ownership, married a capitalist and violated the family planning policy to give birth to three illegal children,” wrote Luo Chongmin, a government advisor in southwest China.

China has implemented the one-child policy for many urban residents for over 30 years, although there have been recent suggestions that the rules may be loosened.

“Did Kong Dongmei… pay any fines after being a mistress for more than 10 years and giving birth to three kids?” asked another user with the online handle Virtual Liangshao.

But others argued that the millions were actually her husband’s, who made his fortune before they were married.

“Kong just married a wealthy husband. You can’t attribute it to Mao,” said weibo user Wang Nanfang in a posting.

Well that’s a twist. :rolleyes:

The commies crack down on…GOLF

A tycoon gets shut down. Not just any tycoon - Wanda's Wang Jianlin. :eek:

China is shutting down this billionaire’s golf courses amid fears the sport breeds corruption
Alexandra Ma


Wang Jianlin. REUTERS/Tyrone Siu
Two luxury golf courses have been ordered to shut down in China, where the sport has been declared an elitist “sport for millionaires.”

In a notice published on its website, Fusong County ordered the Changbaishan International Tourism Resort to shut down its golf courses. It did not give a reason for the closure.

The statement said the order came on September 9, but was only published on the county government’s website last Friday.

The Changbaishan resort is owned by the Dalian Wanda Group, a Chinese real estate conglomerate founded by billionaire Wang Jianlin. As of Tuesday, Forbes listed Wang as the richest man in China with a net worth of $31.4 billion (£23.7 billion).

The 21 square kilometre resort boasts one 18-hole golf course, one 36-hole golf course, 43 ski slopes, luxury hotels, a tourist town, and ski cabins, Wanda’s website said. The golf courses were designed by American golfer Jack Nicklaus and architect Robert Jones. The tourist town has a theatre and hot spring bathhouse, and the hotels include chains from the Park Hyatt, Westin, Sheraton and Holiday Inn.

It’s unclear whether these other sections of the resort will also be made to shut down. According to Wanda’s website, the Changbaishan resort is one of the real estate group’s first forays into national tourism.


One of the Changbaishan International Resort’s golf courses, as seen in the Wanda Group’s promotional video. Dalian Wanda Group

Golf has long been regarded unfavourably in China. Mao Zedong, the leader of the country’s Communist Party and founding father of the People’s Republic of China, banned the sport in 1949 after dismissing it as a “sport for millionaires.”

In 2015, President Xi Jinping banned Communist Party officials from playing golf in an effort to crack down on corruption. Golf remains on the list of the party’s disciplinary violations and is often cited in corruption cases, Reuters reported.

“Like fine liquor and tobacco, fancy cars, and fancy houses, golf has become a public relations tool that businessmen use to ‘hook’ officials,” the official newspaper of China’s anti-corruption agency declared in an April 2015 editorial. “The golf course is gradually turning into a place where they trade money for power.”

There is no suggestion that the order to shut down Wang’s golf courses is in any way related to corruption. In January, China’s state planning commission said it had shut down 111 out of the country’s 683 golf courses.

The news of Changbaishan’s order to close comes days before China’s 19th Communist Party Congress on October 18, a massive meeting for the country’s leadership which takes places every five years. Pundits expect President Xi Jinping to further consolidate his power in the upcoming congress.

Ma Dadong

Ma Dadong just leaped to the top of my cool tycoons list.

ONE SQUARE METER
Ancient village saved by Chinese philanthropist opens as Shanghai resort
Casey Hall, CNN • Published 9th January 2018

Shanghai (CNN) — According to Confucius: “The man who moves a mountain begins by carrying away small stones.”

Chinese entrepreneur Ma Dadong, 44, didn’t want to move a mountain, but his mission to relocate ancient village homes and a camphor forest 435 miles (700 kilometers), from his native Jiangxi province to the outskirts of Shanghai, would require a similar level of perseverance.


The village and trees in their original location in Fuzhou.
AMAN

Over a 15-year period, in what must be one of the most extraordinary examples of philanthropic conservation in modern China, Ma orchestrated the painstaking transportation of 50 Ming and Qing dynasty properties and 10,000 trees, some of which were believed to be over 1,000 years old.
On January 8, the relocated site will open as a luxury hotel, Amanyangyun, the last two words in that portmanteau meaning “nourishing cloud.”


AMAN

Success story

Ma left his home city of Fuzhou, aged 22, to earn what would become a fortune in advertising. He subsequently diversified and today is chairman of the Shanghai Gu Shan, an investment management company, and Shanghai Gu Yin Real Estate. While Ma hasn’t featured on any Forbes rich lists and his companies are privately held, he is rumored to be a billionaire.
In 2002, aged 29, the entrepreneur made a trip home to visit his parents. During that visit, Ma learned of the government’s plans for the Liao Fang reservoir – a project that would submerge ancient villages and millenarium camphor trees in Jiangxi underwater.


Construction of the dam that land was flooded to build was completed in 2006.
Aman

“My instincts told me what to do: to rescue everything from the area destined for the reservoir,” Ma tells CNN. “At that time, I knew it was the right thing to do, but I didn’t have a clear goal of what I would eventually do with these houses and trees.”
Having recently sold his advertising company, Ma says he had the financial resources to throw at the rescue mission, although he won’t confirm the cost of the project beyond saying it totaled millions of dollars.

Learning curve

The project turned out to be a huge learning curve, with unexpected issues constantly arising. “The whole process was just like digging a well – you don’t know exactly how many meters deep the water is, but you are certain you will reach it if you just keep digging,” says Ma.


Bricks are marked with numbers before the houses are reconstructed.
AMAN

Each residence was comprised of about 100,000 stones, and had to be carefully dissembled. Ma cast a wide net to hire a team of more than 200 people to perform that task, seeking out rare craftsman who understood the traditional techniques used to build ancient properties, which are unfamiliar to modern Chinese construction workers.
Arborists were enlisted to move the trees, and new roads and bridges had to be built to allow large trucks to maneuver the massive camphors from the remote location. Some were 20 meters tall, and the largest weighed 80 tons.
“The village was in a mountainous region with small, winding roads and no way for big trucks to pass through,” says Ma. “The task was not without danger. When it rained, floods overturned trucks and shattered the temporary bridges constructed to access remote villages.”


Bricks and stones are organized and stored before they are used to build the new resort in Shanghai.
AMAN

Ma decided to store the dissembled homes in a former air conditioning unit factory he owned on the outskirts of Shanghai, and identified a nearby 200,000 square meter parcel of public land to eventually house the trees, despite the vast distance the objects would have to travel to get there.
“The team raced against time to Shanghai in order for each tree to have the best of chance of survival,” said Ma. The project saw dozens of trucks make numerous trips over a 12-month period.


The camphor forest at its new site in Shanghai.
AMAN

After being uprooted, the trees’ root system – which can stretch as wide as their branches span – have to be constantly watered as well as protected from overexposure to sunshine.
Due to the work of the expert arborists, 80% of the trees survived the journey, and just over 1,000 of them are now featured in the Aman resort. The others, planted on public land, will form a park that Ma says will eventually be open to the public.
Finding a future for the past
By 2005, everything had been relocated to Shanghai’s outer Minhang district, about 30km from the city center, still with no plan for their future.
“When all the trees arrived in Shanghai, we met many people who wanted to buy them. I could not sell even one of them because I wanted all the trees to be together,” Ma says. “I grew up in the sweet company of those trees and houses; I had a poignant and emotional tie to them.”


The relocated materials were stored in a former air conditioning unit factory in Shanghai.
AMAN

That year Ma created what he calls the “Concept House” – an experiment which used some of the relocated ancient materials to create a new home incorporating modern plumbing and windows to let in more natural light.
The rest of the materials were logged in the warehoused and left to wait.

Perfect partner

In 2011, Aman inked a deal with Ma to transform the dissembled ancient Jiangxi village homes, which were between 300 and 500 years old, and some of the trees, into a hotel property and public park. The international hotel group had learned of the Chinese entrepreneur’s trove after Ma had a chance meeting with Aman’s Indonesian founder and former chairman Adrian Zecha.


Thhe master bedroom in an Antique Villa.
AMAN

Neither party will confirm details of the deal.
The resort features 24 new one-bedroom courtyard suites and 13 “antique villas,” which have four bedrooms and incorporate the rebuilt ancient Jiangxi village homes. Once visitors cross the threshold of the ancient stone exteriors, however, there is little resemblance to the village homes of centuries past inside – although there are still courtyards within each property.

The root of the problem

The project, however, hasn’t been without controversy.
Aman said in its initial press literature that its new resort featured 10,000 relocated camphor trees. In reality, only about 1,150 on the property. The Shanghai Administration for Industry and Commerce (SAIC) confirmed to CNN that it is investigating whether Aman was misleading about the number of trees, and their age (not all of the camphors are ancient) to make a financial gain.
Furthermore, ancient trees – classified as those over 80 years old – are governed by heritage protection laws severely restricting what can be done with them. The laws are designed to protect old-growth forests from being felled, or trees being damaged as they are transplanted from one place to another. It is unclear how Ma’s project complied with this legislation.
Neither Ma nor Aman were prepared to comment on any potential investigation.


The village in its original location.
AMAN

China doesn’t have a stellar track record when it comes to preservation in the face of economic development. In 2002, at around the same time Ma learned of the Liao Fang reservoir, many hundreds of villages and a total of 1.4 million people were in the process of being resettled to make way for the Three Gorges Dam, the world’s largest hydro-electric project. Of the 632 square kilometers flooded for that project, the majority was covered by forest. The result was deforestation and interruption in traditional biospheres that is still being examined.
Today, the area where the Fuzhou villages and trees once stood is flooded.
Ma says he is simply pleased he has rescued a slice of history from being lost to the water.

RIP Wang Jian

Chinese Tycoon Wang Jian Falls to His Death While on a Business Trip in France
By ASSOCIATED PRESS 9:52 PM EDT

(BEIJING) — The co-chairman of HNA Group, a conglomerate that operates China’s fourth-largest airline and finance, logistics and other businesses around the world, died in an accident while on a business trip in France, the company said Wednesday.

Wang Jian, a co-founder of the company, suffered “severe injuries” in a fall in Provence in southern France and died Tuesday at age 57, said an HNA Group statement. It gave no other details.

Regional French media outlet France Bleu said Wang fell a dozen or so meters (yards) while taking photos on a high wall in Bonnieux, a town in a region famed for its panoramic views.

Launched in 1993 on the southern island of Hainan, HNA expanded into finance, hotels, logistics and other businesses in a multibillion-dollar global acquisition spree.

More recently, HNA has been selling some assets as Chinese regulators tighten lending controls and press companies to rein in debt.

Wang graduated from the Civil Aviation University of China and received an MBA from the Maastricht School of Management in the Netherlands, according to his company.

HNA agreed last year to acquire a hedge fund operated by Anthony Scaramucci, an aide to U.S. President Donald Trump. That never received regulatory approval and the two sides called off the deal in April.

Suspicious? Authorities aren’t treating it so.

Rita Tong

Billionaire Rita Tong Liu’s incredible story of breaking barriers to become Hong Kong’s fourth richest woman
PUBLISHED : Wednesday, 04 July, 2018, 9:01am
UPDATED : Thursday, 05 July, 2018, 12:10pm
Pearl Liu

Real estate tycoon Rita Tong Liu, the fourth-richest woman in Hong Kong, has quite the story – she turned a family gift of HK$1 million into a business worth US$3.4 billion.

In the early 1970s she received the money from her husband’s family to begin investing. That, along with land in Macau that was passed on by her mother, helped lay the foundation for a success story, elevating Liu, chairman of property firm Gale Well Group, into the No 25 spot on Forbes Asia’s list of Hong Kong’s 50 wealthiest this year.

“There is no such thing as always winning, I just gained more than I lost when I failed,” Liu said.

Liu, 70, is estimated to have built up a fortune worth US$3.4 billion and said careful calculation and risk assessment were crucial to her success.

“We are not buying much recently as we see that interest rates are going to rise and borrowing money will be expensive,” Liu said.

Being cautious seems a bit of a mismatch for Liu, a devout Catholic who radiates matronly warmth and yet is renowned for bold property acquisitions. A high-profile example was the purchase of more than 3,000 car parks in the early 2000s, which earned her the title ‘queen of car-parks’.

The story of how Liu’s attention became focused on parking in Hong Kong speaks to her ability to turn an unfortunate situation into an opportunity.

In the 1990s her family’s company Gale Well Group was caught flat-footed when Beijing unexpectedly began to tighten credit, putting her investments in the mainland under financial strain.

With dwindling cash flow, Liu decided investing in car parks was more prudent, given that such assets were cheaper, offering better value for money than residential or commercial buildings.

The decision helped the company to get through the property downturn in 2003, when the Sars epidemic shattered investors’ confidence, sending property values plummeting.


On her 70th birthday Rita Tong Liu made a donation of HK$80 million to Caritas Institute of Higher Education to help the school to gain accreditation as Saint Francis University. Photo: SCMP

“It was actually a safe choice. It may not fetch a high return yield in the short term, but it will also not depreciate much,” said Liu, referring to the investments in parking.

However, being cautious at the right time does not mean staying defensive. Liu’s property portfolio has shifted focus to office space, where she foresees a continuing rise in demand, driven by China’s Belt and Road Initiative.

“There will never be a lack of corporate tenants in the city. Companies overseas or from the mainland will come to get a spot as Hong Kong will remain a financing hub in the region,” said Liu.

The veteran property investor believes low vacancy rates will push up rents in Grade A buildings as well as smaller, older buildings outside the core business district.

“With a price of HK$20,000 per square foot, there is still a wide range of office space in good locations to buy. What kind of flat can you get with that?” she said.

Her current portfolio of commercial property, according to Forbes, includes the China Insurance Group Building, Austin Plaza, 23 Queen’s Road East and three other office towers. She also holds entire floors in the Grand Millennium Plaza, Shun Tak Centre, Far East Financial Centre and the Lippo Centre.

“We also wanted to buy The Center,” Liu said, referring to unsuccessful attempts to buy stakes in the fifth tallest skyscraper in Hong Kong.

Liu said the assets worth HK$1 million (US$127,473 at today’s exchange rate) she received from the family of her late husband Liu Lit-ching proved to be gold in helping her gain a head start.

Her husband was the eighth of nine sons of Liu Po-shan, founder of Chong Hing Bank.

“It was big bucks back then,” Liu said.

In the 1970s, HK$1 million could buy four 600-square foot flats in Taikoo Shing, a mass residential estate in the city. Now, one similar-sized flat in Taikoo Shing would fetch HK$12 million.

Liu initially used the money to buy land and property in Macau in the early 1970s, taking inspiration from her grandparents and parents who were experienced landholders with a focus in warehousing.

Liu, described as a tomboy by her younger brothers, does not believe in the old Chinese saying, “least said, soonest mended”.

“If you do not say, how could others know?” she said, recalling that no one dared to hire her when she returned from overseas studies in the US. “If I did not ask my brother-in-law to offer me a job in Chong Hing Bank, I may have never started working.”

Liu and her two younger brothers recently donated HK$80 million to the Caritas Institute of Higher Education to help the school upgrade its accreditation as Saint Francis University, becoming the first Catholic university in the city.

“The competition in Hong Kong has been getting more and more fierce, and it is important to offer better education and career training to the young generation,” said Liu.

HK Real Estate is some of the most expensive

Pollyanna Chu Yuet Wah

Another billionaire loses more money than I can even conceive of ever having… :rolleyes:

This Asian Billionaire Has Lost 74 Percent of Her Fortune
By Blake Schmidt
July 25, 2018, 11:37 AM PDT Updated on July 25, 2018, 10:29 PM PDT

Kingston’s Chu loses $6.2 billion on year, or 74% of fortune
The local press has dubbed her the ‘queen of shell companies’


Pollyanna Chu Source: Imaginechina

The “queen of shell companies” had already been dethroned as Hong Kong’s richest woman.

Now Pollyanna Chu Yuet Wah, whose Kingston Financial Group Ltd. operates Macau casinos and margin-lending businesses, has lost 74 percent of her fortune, the biggest destruction of individual wealth this year in Asia, according to the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people. After starting the year at No. 183 with $8.4 billion, she’s currently worth $2.2 billion and has dropped off the list.

The decline of her fortune deepened after Kingston reported fiscal 2018 profit of HK$1.4 billion ($178.4 million), a 9 percent drop from a year earlier, as soured margin loans increased. The firm gets most of its financing from unsecured loans provided cheaply by Chu and her family, according to an analysis by activist investor David Webb.

Kingston plunged 17 percent on Jan. 30 after the Securities and Futures Commission said that 20 shareholders controlled more than 91 percent of the stock. It slid further in March after FTSE Russell purged Kingston from its benchmarks.

Hong Kong’s richest woman loses half of her worth as stock plunges

Kingston is Chu’s main holding, but her active role in Hong Kong’s market for small-cap stocks earned her the moniker “queen of shell companies” in the Hong Kong press. Part of Chu’s wealth stems from her father’s background managing VIP rooms in Macau. Gaming in the former Portuguese colony, which accounts for about 15 percent of Kingston’s revenue, generated HK$473.5 million last year, down 3.8 percent from fiscal 2017.

Chu, 59, joined a record $5.2 billion deal to buy most of a Hong Kong skyscraper from Li Ka-Shing’s CK Asset Holdings Ltd., in the most expensive real estate transaction ever. CK Asset confirmed in May that the deal was completed.

— With assistance by Tom Metcalf, Jack Witzig, and Sofia Horta e Costa

(Updates skyscraper deal in last paragraph.)

Pansy Ho

Pansy Ho is a great name. I’m not making fun of it - she’s rich enough to own me. :o

Macau casino heiress Pansy Ho’s wild past firmly behind her as she presides over multibillion empire from The Peak
PUBLISHED : Monday, 30 July, 2018, 4:02pm
UPDATED : Tuesday, 31 July, 2018, 11:23am
Ryan Swift

Pansy Ho Chiu-king must be feeling confident these days.

Her main business, Shun Tak Holdings, posted a 66 per cent year on year increase in revenue to nearly HK$6.4 billion (US$815.4 million) and reversed a net loss of nearly HK$600 million in 2016 to net profit of HK$1.4 billion, thanks to property sales and an improving business environment in Macau. And her company is part of the consortium that has won exclusive rights to a bus service operating on the Hong Kong-Zhuhai-Macau bridge. And she has promoted herself from managing director to group executive chairman of Shun Tak Holdings.

And to put the cherry on top, Ho, with a net worth estimated at US$4.8 billion, just dropped US$114.6 million for a house on The Peak – one of the most prestigious districts in Hong Kong.

Macau casino heiress pays HK$900 million for Peak mansion in Asia’s second-costliest property
It’s a remarkable turn for a woman who, in the 1990s, was considered a party-going socialite rather than a businesswoman. She could be spotted on beaches in Thailand, most notoriously with her bad-boy lover Gilbert Yeung, or captured by the paparazzi at nightclubs in Hong Kong.

Nowadays, she is more likely to be seen at high-minded cultural events, or spending time secluded aboard her yacht in the Mediterranean.

Ho is one of 17 children by Stanley Ho, one of the world’s best-known casino moguls. Uniquely among Stanley Ho’s children, Pansy has publicly emerged as heir-apparent. She has shareholdings in SJM Holdings and MGM China.

She famously keeps a retinue with her, always looking after her personal affairs and jumping to her orders.

In a 2015 interview, Ho said that as a child, she wanted to be an anthropologist or archaeologist. Her mother dissuaded her by reminding her how afraid she was of dirty places. Ho went on to study art history and religious studies, and later considered becoming an art historian or curator. At her father’s urging, she studied business.

She also developed a pretty clear sense of what she liked and what she did not. In 1991, Ho married Julian Hui, the scion of a low-key property family and five years her junior. For the wedding, the couple apparently stipulated not just the crystal and silverware to bring as presents, but also the expected brand name for each item, according to an SCMP report.


Gilbert Yeung with whom Pansy Ho had an affair in the 1990s. Photo: SCMP

Ho’s business and personal life have always been intertwined. She first started work at Shun Tak, under her father, in 1994. In 1996, her father become a partner on a casino project in North Korea with Albert Yeung, chairman of Emperor Group. By the late 1990s, Ho and Gilbert Yeung, Albert’s hard-partying son, were an item. After a year and a half, it was broken off when Stanley Ho publicly declared that Pansy would lose her inheritance if she married Gilbert. The affair was widely thought to be the reason for her divorce from Hui in 2000.

In a 2009 interview, Ho described how as a child, she often accompanied her father on trips into the mountains to hunt partridges and wild ducks. “I was the brave one of the family who would go with him, and we would climb mountains and trek through the wilderness for hours together,” she said at the time. Despite this, she said she only ever referred to her father as “Dr Ho”.

In early 2011, Pansy was famously involved in a dispute with her father, who accused her, her siblings and his third wife Ina, of having tricked him out of almost all his assets. The feud put the Ho family into the spotlight like no other Asian dynasty. While staying tight-lipped about the affair, Pansy and her family came to a settlement on the distribution of the ageing tycoon’s assets and wealth, and the family has outwardly been at peace ever since.


The MGM Cotai hotel in Macau, which is the latest hotel in MGM China’s portfolio. Photo: Xiaomei Chen

Appearances have always mattered to Pansy, who has seemingly mastered the art of public theatre, even having a brief turn as a TV actress in her youth. For a photo shoot in 2015, she came prepared with several outfits – flattering and youthful, but not fancy. During investigations before the Nevada Gaming Commission into her father’s ties to the criminal underworld, she could appear before the cameras looking like a Chinese middle class housewife. In the spring of 2018, newly slimmed down, she looked like a 21st century version of the Dowager Empress Cixi.


Casino Grand Lisboa in Macau is part of SJM Holdings, in which Shun Tak has a stake. Photo: Dickson Lee

Certainly, building up a business based on Macau’s gaming attractions is not always smooth sailing. In 2012, along with China Eastern Airlines and Qantas Airways, Shun Tak invested in a proposed new budget airline, Jetstar Hong Kong. But its application for an operating licence was ultimately rejected by Hong Kong’s Air Transport Licensing Authority this year, on the basis that ownership and decision-making was not sufficiently Hong Kong-based, thanks in part to a challenge by Cathay Pacific.

But she has also shown persistence in building up her businesses, and shrewdness in negotiating her position within MGM China, while tightening her grip on Shun Tak over the years. Certainly, she will be engaging in many more negotiations on the distribution of the Ho family business interests in the years to come, but now she will be doing it with a rather spectacular view from The Peak as the backdrop to her lofty stage.

Liu Qiangdong

Chinese Billionaire Arrested in Minneapolis For Alleged Sexual Misconduct


Chinese billionaire Liu Qiangdong, also known as Richard Liu, the founder of the Beijing-based e-commerce site JD.com, who was arrested in Minneapolis on suspicion of criminal sexual conduct, jail records show. Hennepin County Sheriff’s Office/AP
By STEVE KARNOWSKI / AP September 3, 2018

MINNEAPOLIS (AP) — Chinese billionaire Liu Qiangdong, also known as Richard Liu, the founder of the Beijing-based e-commerce site JD.com, was arrested in Minneapolis on suspicion of criminal sexual conduct, jail records show.

Liu, 45, was arrested late Friday night and released Saturday afternoon pending possible criminal charges, Hennepin County Jail records show. The jail records don’t provide details of the alleged incident.

Minneapolis police spokesman John Elder said Sunday that he couldn’t provide any details because the investigation is considered active. He declined to say where in Minneapolis Liu was arrested or what Liu was accused of doing.

Minnesota law defines five degrees of criminal sexual misconduct, ranging from a gross misdemeanor to felonies, covering a broad array of conduct ranging from nonconsensual touching to violent assaults with injuries. The jail records for Liu don’t indicate a degree.

JD.com, the main rival to Alibaba Group, said in a statement posted Sunday on the Chinese social media site Weibo that Liu was falsely accused while in the U.S. on a business trip, but that police investigators found no misconduct and that he would continue his journey as planned.

“We will take the necessary legal action against false reporting or rumors,” the company said.

Liu recently tried to distance himself from a sexual assault allegations against a guest at a 2015 party at Liu’s penthouse in Australia. Liu was not charged or accused of wrongdoing, but Australian media reported he tried unsuccessfully to get a court to prevent the release of his name in that case. The guest was convicted.

In June, Google said it would invest $550 million in JD.com. The investment reflected an effort by the U.S. tech company to expand its reach into Asian e-commerce.

JD.com is China’s second-largest e-commerce company after Alibaba. Among its other investors is Chinese internet gaming and social media giant Tencent Holdings, the developer of the WeChat messenger app and a major rival of Alibaba, and U.S. retailer Walmart Inc.


Associated Press reporters Gillian Wong in Beijing and Josh Boak in Baltimore contributed to this story.

The reports are saying rape now. :frowning:

Continued from previous post


Bartholomew Cooke

Those looking for China’s lost art have plenty of targets. According to one widely cited government estimate, more than 10 million antiquities have disappeared from China since 1840. The works that mean the most to the Chinese are the ones that left during the so-called Century of Humiliation, from 1840 to 1949, when China was repeatedly carved up by foreign powers. The modern Communist Party has declared its intent to bring China back from that period of prolonged decline, and the return of looted objects serves as undeniable prooftangible, visible, and beautiful proofof the country’s revival.

By far the most important pieces are those that were hauled away by British and French troops in 1860 after the sacking of the Old Summer Palace. In China today, it’s difficult to overstate the indignity still associated with the looting of the palace, which had served as a residence to the last Chinese dynasty. Its gardens, art, and architecture were said to be among the most beautiful in the world. The palace held an array of wonders, not the least of which was a fountain adorned with 12 bronze heads representing the animals of the Chinese zodiac.

[QUOTE]The government in China doesn’t think they’re stolen objects. They think they belong to them."

When European troops reached the garden, the desecration of the palace became a mad frenzy. Soldiers stripped it of everything they could carry. The zodiac heads were wrenched from their bases and hauled away as trophies. When the soldiers had removed all they could, they torched what remainedretribution, they said, for the torture and murder of British envoys who’d attempted to negotiate with the Chinese. The grounds of the palace were so large and so intricate that the 4,500 troops needed three days to burn everything.

Most of the plunder was taken back to Europe and either tucked away in private collections or presented as gifts to royal families. Queen Victoria of Britain was given a pet Pekingese dog, the first of its kind ever seen in Europe. Unabashed by its provenance, she named it Looty.

In China, the memory of the Old Summer Palace’s destruction remains vividand intentionally so. The site has been kept as ruins, the better to stir feelings of national humiliation and patriotism, as one Chinese academic put it. Perhaps it was only a matter of time before those feelings transformed into action.


The porcelain “chicken cup” that sold for $36 million in 2014 Aarom Tam/Getty Images

Of course, not all of the art that’s finding its way home to China is being snatched off museum walls in the dead of night or wrangled back by aggressive bureaucrats. The country’s new elite are helping, too.

The Chinese don’t need a coordinating campaign, says James Ratcliffe, the director of recoveries and general counsel at the Art Loss Register. There are enough Chinese collectors with a huge amount of money who want the pride of acquiring this art.

In 2016, for the first time, China had more billionaires than the United States. Many of the country’s nouveau riche have taken to art collecting with a giddy enthusiasm. In 2000, China represented 1 percent of the global-art-auction market; by 2014, it accounted for 27 percent. The market for historical Chinese art is so frenzied that even seemingly mundane pieces of Chinese art can electrify the scene at auction houses.

In 2010, a 16-inch Chinese vase went up for sale at an auction house in an unremarkable suburb of London. The starting price was $800,000. Half an hour later, the final bidreportedly from an anonymous buyer from mainland Chinawas $69.5 million. Though the provenance of this vase was mysterious, similar objects with traceable histories of looting have proved valuable. Buying looted artwork has become high-street fashion among China’s elite, Zhao Xu, the director of Beijing Poly Auction, told China Daily.

Their desires adhere to a nationalistic logic: The closer an object’s connection to China’s ignominious defeats, the more significant its return. In recent years, vases, bronzeware, and a host of other items from the Old Summer Palace have all sold for millions. Behind these purchases is almost always a well-connected Chinese billionaire eager to demonstrate China’s modern resurgence on the world stage.

In 2014, a taxi driver turned billionaire named Liu Yiqian paid $36 million for a small porcelain chicken cup, coveted because it was once a part of the imperial collection. (According to the Wall Street Journal, he completed his purchase by swiping his Amex card 24 times and promptly stoked controversy by drinking from the dish.) A few months later, he paid an additional $45 million for a Tibetan silk tapestry from the Ming era. When we are young, we are indoctrinated to believe that the foreigners stole from us, Liu once told The New Yorker. But maybe it’s out of context. Whatever of ours [the foreigners] stole, we can always snatch it back one day. (Liu Yiqian did not respond to requests for comment.)


Chinese billionaire Huang Nubo Nicolas Asfouri/Getty Images

Huang Nubo has a similarly patriotic interest in China’s art. Tall and broad-shouldered, with a ruddy complexion and close-set eyes, he’s the kind of billionaire who makes other billionaires jealous: He’s an accomplished adventurer, one of the few people alive to have visited both the North and South Poles and summited the world’s seven tallest peaks (he’s topped Everest three times). When I met him at his office in Beijing, he had just returned from an expedition in western China, where he’d reached the top of the world’s sixth-tallest mountain.

Huang made his money by building one of the country’s most powerful real estate conglomerates, a task he undertook after spending ten years as an official in the publicity department of the Communist Party. His passion for Chinese culture has helped make him famous, and through an effort called the National Treasures Coming Home campaign, he’s focusing on the reclamation of lost relics.

After the second break-in at the KODE, Huang contacted the museum. He wanted to fly to Bergen and tour the closed China exhibit. Once there, he was shown a collection of marble columns taken from the Old Summer Palace. Huang began to weep and told the museum director that the columns had no business being displayed in Norway. He donated $1.6 million to KODE, which he says was to upgrade its security. (A spokesman for KODE said the agreement did not concern security.) Soon thereafter the museum shipped seven of the marble columns back to China to be displayed at Peking University on permanent loan. (Huang denies any connection between his donation and the return of the columns.) The looting of the columns and their open display in a European museum were our disgrace, he told China Daily, and their return represented dignity returned to the Chinese people.

In addition to visiting the KODE, Huang had toured the Château de Fontainebleau, not long before it was robbed. I asked him what he had heard about the theft and the rumor that the stolen relics had made their way back to China. He tightened his face into a small smile and laughed. I only heard about it, he said. [That they might go back to China] is a good suggestion, in terms of result, but it encourages more stealing. I think it’s because Chinese relics have good prices on the market nowadays.

[/QUOTE]
Huang Nubo is the man. Why are some Chinese billionaires so cool? Copying this portion of the GQ article on I posted on Chinese antiques to Chinese Tycoons, CEOs & Tuhao.

continued next post

Billionaire Lui Che Woo

There’s a vid

[URL=“https://www.bloomberg.com/news/articles/2018-09-26/hong-kong-casino-tycoon-gives-nobel-prizes-at-double-the-money?utm_campaign=news&utm_medium=bd&utm_source=applenews”]
Hong Kong Billionaire Offers ‘Nobel Prizes’ With Double the Money
By Blake Schmidt
September 26, 2018, 2:00 PM PDT
Billionaire Lui Che Woo seeks to promote ‘world civilization’
Winners for positive energy, sustainability get $2.6 million

After amassing a $15 billion fortune from casinos, Lui Che Woo wants to turn vice into virtue.

While Elon Musk is trying to get humans to Mars and Li Ka-shing joined Bill Gates to battle infant malnutrition, Lui, who rose from a rugged childhood in Japan-occupied Hong Kong, has stepped into the shoes of Alfred Nobel.


Lui Che WooPhotographer: Anthony Kwan/Bloomberg

The gambling tycoon’s version of giving back involves awarding prizes that include a dinner-plate-sized trophy depicting Lui in his signature flat cap, together with a cash payout of HK$20 million ($2.56 million) – double the amount of a Nobel Prize.

Winners also get a dinner-plate-sized trophy showing the “amiable and kind smiling face of Dr. Lui,” according to an effusive description on the prize’s website, “as if sowing a seed of benevolence in the world.”

The benevolence extends to three categories: sustainability, welfare development and positive energy, to be chosen via a three-tier structure that involves a recommendation committee, selection panels and the prize council. The latter consists of “five international personages,” including Lui, former U.S. Secretary of State Condoleezza Rice, a former Archbishop of Canterbury and the former Chief Executive of Hong Kong.


Condoleezza Rice at the launch ceremony for the Lui Che Woo prize in 2015.Photographer: Xaume Olleros/Bloomberg

“Positive energy represents people trying to understand and help each other,” Lui said in an interview at his office in Hong Kong’s North Point, surrounded by his antique Chinese pottery collection.

This year’s winners, who will be honored at a ceremony on Oct. 3, are renewable energy advocate Hans-Josef Fell, a former parliament member for Germany’s Green Party; the World Meteorological Organization; and India’s Pratham Education Foundation.

Nobel Alternative

Lui’s prize, now in its third year, has gained attention as the Nobel committee comes under scrutiny for a #metoo moment, after a scandal at the Swedish Academy prompted the committee to defer awarding the literary prize this year. The Nobel committee said the current prize fund is 9 million Swedish kronor ($1 million). Lui says he isn’t trying to replace the 123-year-old awards but to offer an alternative.

It’s not the first alternative originating in China. After the 2010 Nobel Peace Prize was awarded to jailed Chinese dissident author Liu Xiaobo, Beijing reacted furiously, breaking diplomatic ties with Norway and embarking on a six-year freeze that sent Norwegian salmon exports to China plunging. The writer withered away in captivity before his death in 2017.

The month after Xiaobo won the award, a group in Beijing created a rival award, called the Confucius Peace Prize, which stumbled out of the gate. The Taiwanese winner of the prize didn’t show up to accept it, and after China’s Ministry of Culture tried to shut the award down, some of the organizers reassembled in Hong Kong.


The Confucius Peace Award committee in 2010.Photographer: Alexander F. Yuan/AP Photo

Past winners of that award include Russia’s Vladimir Putin, Zimbabwe’s Robert Mugabe, Cambodia’s Hun Sen and Cuba’s Fidel Castro (who also boasted an Al-Gaddafi International Prize for Human Rights, named for the toppled Libyan leader).

Lui said his philanthropic vein stems from his childhood, when he was denied a formal education during the Japanese invasion. He’s a big donor to Peking University, where he’s an honorary trustee after pledging $18 million. Macau has been less lucky with charitable donations, as the top six casino operators donated less than 0.1 percent of their revenue, according to a recent report by Macau University of Science and Technology.

Gaming Magnate

Born in Guangdong province, Lui’s family fled to Hong Kong when he was 4. He became a breadwinner for his five younger sisters and made his first fortune by buying WWII-era U.S. military equipment in Okinawa and reselling it in Hong Kong. In 1955 he founded K. Wah Group, quarrying construction materials. He then moved into real estate and in 2002 started Galaxy Entertainment, which won one of six gaming concessions in Macau and is now valued at $29 billion. Galaxy, which bought shares in Wynn Resorts after Steve Wynn stepped down as chairman, is the biggest casino operator in Macau.

Lui’s prize “is not serving any political function," the tycoon said. “If it gets involved with politics, it will become complicated.” He declined to comment on the case of Liu Xiaobo.


Lui Che Woo launches his Prize for World Civilization in 2015.Photographer: Xaume Olleros/Bloomberg

Like Nobel, an arms dealer and the inventor of dynamite, Lui is using profits from his “vice” business – in his case gambling – to help fund the awards. He said his prize is designed to promote respect for others, mutual understanding, love of family and standing up for those who are weaker. Nobel, who established his foundation after a premature obituary in a French newspaper called him “the merchant of death,” included a prize for furthering the cause of international fraternity and peace.

“To some extent, it is a bit similar to the Nobel Peace Prize but the concept of our prize is broader,” Lui said.

— With assistance by Daniela Wei

Billionaire Vicky

I’ve just created a new thread dedicated to Vicky Zhao Wei by poaching the posts above from the Tiger Mothers and FOB Moms thread. There are surely other mentions of her on this forum, but I’m not going to link those up right now. I’m also copying this to the Chinese Tycoons, CEOs & Tuhao thread.

Man, China is going after its starlets. First Fan Bingbing, now Vicky.

NOVEMBER 20, 2018 / 6:47 AM / UPDATED 6 HOURS AGO
China bars actress Zhao Wei from holding key positions in companies for five years
3 MIN READ

HONG KONG (Reuters) - Billionaire Chinese actress Zhao Wei and her husband have been barred from taking on key positions at listed companies for five years for violating securities regulations, the Shanghai Stock Exchange said on Tuesday.


Actress Zhao Wei, member of Venezia 73 International Jury, poses for photographers during a photocall at the 73rd Venice Film Festival in Venice, Italy August 31, 2016. REUTERS/Alessandro Bianchi

The exchange’s announcement comes more than a month after another Chinese actress Fan Bingbing came under fire for failing to pay millions of dollars in taxes and fines.

On Tuesday, the exchange said Zhao and her husband Huang Youlong, as well as several other former executives of Tibet Longwei Culture Media and Zhejiang Sunriver Culture Co Ltd, were unfit to be directors, supervisors and senior executives of listed companies.

They will not be allowed to assume these positions for five years, the exchange said.

Zhejiang Sunriver, Tibet Longwei, Zhao and Huang were all not immediately available for comment.

In late 2016, Tibet Longwei, controlled by Zhao and Huang, made a failed attempt to buy a 29.1 percent stake in Zhejiang Wanjia, which was later taken over by another investor and renamed Zhejiang Sunriver Culture.

Longwei’s bid had then drawn the scrutiny of the China Securities Regulatory Commission regarding information disclosure and its ability in financing takeovers as there were misleading statements and major omissions in the filings.

U.S.-China rift divides Asian summit
In November 2017, China’s securities regulator fined and barred Zhao, who became a household name in China for starring in popular TV dramas, and Huang from trading in the mainland stock market for five years due to the takeover case.

“Due to the celebrity effect, Tibet Longwei has severely misled the market and its investors. This has seriously disrupted normal market operations and order,” the exchange said on Tuesday.

Zhao and Fan’s cases have prompted the Chinese government to crack down on celebrity hype.

In November, state media quoted the National Radio and Television Administration as saying that Chinese broadcasters and online entertainment sites should avoid celebrity hype and crack down on fake audience and click-through rates.

Reporting by Twinnie Siu in Hong Kong and Lee Chyen Yee in Singapore; editing by Louise Heavens

Annabel Yao

Huawei founder’s debutante daughter Annabel Yao: ‘I still consider myself a normal girl’
Yao, chosen to perform the opening waltz at Le Bal des Débutantes in Paris, was one of 19 young women to make their society debut this year
Harvard computer science student and ballerina says, ‘As much as I enjoy coding … I have a passion for fashion, PR and entertainment’
PUBLISHED : Wednesday, 05 December, 2018, 8:47am
UPDATED : Thursday, 06 December, 2018, 7:06pm
Jing Zhang
http://twitter.com/jingerzhanger
jing.zhang@scmp.com

While Le Bal des Debutantes in Paris each year is a nod to the tradition of young society ladies entering the elite social scene of Europe, these days it courts modern debutantes, aged 16 to 21, who are chosen for their looks, brains and famous parents – prominent in business, entertainment and politics.


Annabel Yao danced with European royalty at Le Bal des Debutantes in Paris last month.

The schedule at the event, organised by Ophélie Renouard, is full of young women such as Baroness Ludmilla von Oppenheim, from Germany; Julia McCaw, daughter of AT&T founder Craig McCaw; and Annabel Yao, daughter of Chinese telecommunications firm Huawei’s founder, Ren Zhengfei – the latter of whom was one of three debutantes chosen for the opening waltz this year.

“I definitely treated this as a debut to the world,” says Yao when we speak just after the ball. “From now on, I’ll no longer be this girl living in her own world, I’ll be stepping into the adult world where I have to watch my own actions and have my actions be watched by others.”

Today’s Le Bal, or Crillon Ball, is a diverse affair, a microcosm of the shifting tides of the global elite. Of the 19 debutantes of 2018, there were young ladies from India and America, Europeans from Portugal, France, Belgium and Germany, as well as Hong Kong’s Angel Lee, Kayla Uytengsu from the Philippines and China’s Yao.

Yao – a 21-year-old Harvard computer science student and ballerina who has lived in Britain, Hong Kong and Shanghai – is one of several Chinese debutantes in recent years. Hollywood offspring, such as the daughters of actors Forest Whitaker, Bruce Willis and Sylvester Stallone, have also become Le Bal regulars.

“All the girls were down-to-earth, easygoing, helpful and outgoing. No one was pretentious,” says Yao. “All of them attended top universities or high schools like Stanford, Brown and Columbia, so it’s a group of girls who are privileged, but also work really hard.”

As they swap their jeans for tiaras and couture gowns and trade teenage antics for waltzing, the girls get to play fairytale princesses for three days and make their grand debut in high society.


Annabel Yao, daughter of the founder of Huawei, Ren Zhengfei, and Yao Ling

They all arrive in Paris two days before the ball to meet, socialise with other girls and their cavaliers (Yao’s cavalier was the young Count Gaspard de Limburg-Stirum), rehearse and take part in portrait sessions.

Girls are given questionnaires about the fashion styles they like, and then choose from a selection. Yao donned a champagne gold J Mendel gown.

“An American designer with a very French style … I wanted something modern,” she says. “I’m not super girlie inside, so I prefer something more chic and not so princessy … It’s very elegant, and I’m not a fan of very [strongly] pigmented hues. I also loved the tulle texture of the dress, as it reminds me of a ballerina.”


Annabel Yao wore a J Mendel gown at the ball

“I definitely feel very honoured to be included, as there are only 19 girls in the world this year,” Yao says. “It means I have to work harder, try to accomplish great things in my life and be a role model for other girls.”

She adds: “As people who have more privilege than others, it’s more important for us to help those with less opportunity. I want to get involved in philanthropy and charity … I still consider myself a normal girl; it’s important for me to work hard and better myself every day.

“My daily life is actually pretty boring compared to this. I usually live like a normal student.”


Annabel Yao at the ball in Paris. “My daily life is actually pretty boring compared to this,” she says.

Computer science is a heavy subject with a high workload, so she studies a lot. Her spare time is often taken up at the Harvard Ballet company (she’s been dancing since childhood). “I try to dance as much as possible,” she says.

A quick glance at the Ivy League student’s social media shows her jetting around the world wearing Dior, Louis Vuitton and Saint Laurent, but she’s quick to show her serious side. This summer, she did an internship at Microsoft “on a team focusing on machine learning and image recognition”.

However, she adds: “As much as I enjoy coding, I enjoy personal interactions a lot … I have a passion for fashion, PR and entertainment.”

In the future, she sees herself working on the business side of technology. “I’ll try to integrate the tech knowledge I have,” she says. “I don’t think I’ll be a software engineer but maybe I’ll be more on the management side. I enjoy building connections.”

This article appeared in the South China Morning Post print edition as: Huawei founder’s daughter a belle of the debutante ball

Annabel looks disturbingly like one of my shimei.

Huang Xiangmo

Huang Xiangmo: China billionaire mocks ‘giant baby’ Australia
5 hours ago


AFP/GETTY
There are growing worries in Australia about Chinese influence

A Chinese billionaire and political donor has dubbed Australia a “giant baby” after he lost residency rights.

It is an “objective fact” that the country has a baby’s “innate characteristics”, Huang Xiangmo told state tabloid Global Times.

The property developer has lived in Sydney since 2011 and has donated millions to major political parties.

But he was stranded overseas when the government rejected his citizenship bid and cancelled his permanent residency.

The Sydney Morning Herald first reported the visa denial earlier this month, describing Mr Huang as “Beijing’s former top lobbyist in Australia”.

He reportedly has links with the Chinese Communist Party, and Australia’s national security agency has warned politicians not to accept money from him.

It comes amid a row over Chinese influence in Australia which has strained relations between the two nations.

What did Mr Huang say?
Mr Huang attacked his adopted country in his interview with the Global Times, a newspaper known for its strident, nationalist tone.

[QUOTE]Global Times
Verified account
@globaltimesnews

More
#Australia has “characteristics of a giant baby:” tycoon Huang Xiangmo http://bit.ly/2I8QIB5

8:00 AM - 11 Feb 2019

Asked what he thought was behind the tense relations in recent years, the billionaire said: “The history of Australia has determined the innate characteristics of a giant baby.”

“This is an objective fact and it does not mean Australia has to feel inferior,” he said. “The growth of a giant baby takes time, and Australia still has a long way to go.”

Mr Huang said he moved to the country for its “beautiful scenery and simple folk customs” and accused some Australian media outlets of smearing him.

Who is Mr Huang?

The billionaire has reportedly donated about A$2.7 million ($1.91m; £1.49m) to both major parties.

Mr Huang said these donations came from his desire to “promote Chinese people’s legal involvement in politics”.

He was linked with Sam Dastyari, a Labor party politician who announced his resignation in 2017 after making pro-Beijing remarks over the South China Sea dispute.

Mr Dastyari reportedly told Mr Huang he may be under surveillance - something the senator denies.

Why are relations strained between China and Australia?

Australia has been increasingly vocal about what it sees as growing Chinese influence in recent years.

Former Prime Minister Malcolm Turnbull urged a crackdown on “covert, coercive” activities by foreign governments in 2017, noting “disturbing reports” of Chinese influence while stressing the rules were not targeted at any one country.

That same year Chinese students complained about teaching materials at Australian universities - drawing fears that China was exerting pressure on campuses.

Last November, Prime Minister Scott Morrison announced a new multi-billion dollar fund for Pacific island nations, seemingly to counter Chinese influence in the area.

“Australia cannot take its influence in the south-west Pacific for granted,” he said, calling the region “our patch”.

Top Chinese diplomat Wang Yi stressed the two nations should work together in the ocean.

Since 2011 Beijing has become the second-largest donor of foreign aid to Pacific islands after Australia.[/QUOTE]

I imagine this connects to Shaolin Temple OZ

If you’ve been wondering where I’ve been going with this thread…

…this is where.

Marisa Fernandez Feb 27[URL=“https://www.axios.com/billionaires-china-economy-united-states-df3fa387-07da-41af-b9e1-4e2f07da11e8.html”]
China had the most billionaires in 2018


Alibaba Chairman Jack Ma is the world’s 22nd richest person with $39 billion. Photo: Sun Qing/VCG via Getty Images

Beijing was the city with the most billionaires in 2018, at 103, followed by New York at 92 and Hong Kong with 69, according to wealth compiler Hurun Report, China’s version of the Forbes rich list.

By the numbers: China had 658 billionaires; the U.S. had 584; the world had 2,470, per the AP. The bulk of the wealth last year poured in from the technology, media and telecom sectors. Despite China’s overall strength in numbers, Amazon CEO Jeff Bezos and Microsoft co-founder Bill Gates — both Americans — held the top two spots in the list.

New PRC philanthropy

A New Generation of Philanthropy in China
March 26, 2019 12:00 p.m. ET


From left: Lawrence Chan, Niu Gensheng, Dee Dee Chan, Jet Li, Jack Ma, Li Ka-shing. ILLUSTRATION BY GLUEKIT; SOURCE IMAGES: GETTY IMAGES AND BLOOMBERG

In Hong Kong, home to some of the richest people in the world, philanthropist Dee Dee Chan is making sure her generation learns how to give back.

In 2014, Chan, who is in her 30s, started a group for her peers—young people from families with at least US$500 million in assets who play an active role in their families’ businesses—to learn about philanthropy and to put it into practice. The hope is to “raise the ‘future generals’ who will make a huge impact on society through their own charitable efforts,” she says.

Chan is the granddaughter of billionaire Chan Chak Fu, who ran a global hotel and real estate business. Today, she’s managing director at Park Lane Capital Holdings, formed in 2007 from the fortune made by her father, Lawrence Chan, who developed and operated hotels and real estate projects.

She’s also director of the Seal of Love Charitable Foundation, a foundation started by her father in 2010, which donated 80 million Hong Kong dollars (US$10.2 million) in 2017 to the School of Hotel and Tourism Management at The Hong Kong Polytechnic University to support an industry that has become a growing employment sector for the underprivileged in Southeast Asia.

The six or seven core members in each of the two chapters of Chan’s Next Generational Organization (NGO, for short) contribute to a collective pot that they allocate as a group, traveling twice a year for field visits to grassroots nonprofits in Thailand, Cambodia, and Vietnam. “The point is really to make mistakes early together and also have a forum in which we can actually do this together,” Chan says.

Lawrence Chan, 65, says his daughter’s NGO chapters will redefine philanthropy, as his generation—including Hong Kong’s wealthiest man and philanthropist, Li Ka-shing—is “starting to fade away.”

[QUOTE]“ The point is to have a forum in which we can actually do this together. ”

—Dee Dee Chan

Great fortunes have been made in Asia in the past decade. But as the region’s riches have swelled, and as a younger generation emerges, China’s wealthy are increasingly seeking to maintain their family legacies and to give back. Groups have formed to encourage collaboration and education, including the China Global Philanthropy Institute, founded by three Chinese philanthropists—Niu Gensheng, He Qiaonyu, and Ye Qingjun—along with U.S. billionaires Bill Gates and Ray Dalio. Jack Ma, through the Alibaba Foundation, meanwhile, has sponsored the biannual Xin Philanthropy Conference since 2016.

Ma represents a newer, more visible wave of philanthropists who are trained abroad, globally engaged, and in touch with the concepts of philanthropy, says Anthony Saich, director of the Ash Center at Harvard, which runs the China Philanthropy Project. But there are a rising number of individual philanthropists within China who are having a profound influence, notably Niu Gensheng, a billionaire born to extreme poverty who made a fortune as the founder of China Mengniu Dairyin Inner Mongolia. Niu, 61, began the Lao Niu Foundation in 2004 to support the environment, cultural education, and development of the philanthropic sector.

One strategy that the Lao Niu Foundation is using to boost philanthropy is to train nonprofit professionals, “so that they’re regarded as professionals, just as public officials and private-sector individuals are,” says Melissa Berman, president of Rockefeller Philanthropy Advisors, which is aiding the foundation.

The One Foundation, founded by Chinese actor Jet Li, is also helping to strengthen nonprofits by being transparent about what they fund, and which outcomes they achieve, Berman says.

While Niu and others have turned to the West for inspiration and practical advice, Rob Rosen, a director at the Gates Foundation, expects philanthropy in China to remain uniquely Chinese.

China’s philanthropists will want to know whether their funds are “being directed toward important issues in a deeply thoughtful way, and if they are taking an appropriate level of risk to really lead to bold change,” Rosen says. “They’re definitely on the pathway there.”[/QUOTE]

THREADS
Jet Li’s ONE Foundation
Jack Ma & Alibaba
Chinese Tycoons, CEOs & Tuhao

Alex Shih

Hong Kong Property Tycoon Gave Away Children’s $400m Inheritance
By Shawna Kwan and Venus Feng
April 22, 2019, 2:00 PM PDT
Alex Shih’s dad gave $400 million Centaline stake to charity
Like many other Hong Kongers, Shih is saving for first house

The heir to the biggest real estate agency in property-mad Hong Kong doesn’t own a house.

Not only that, he won’t inherit his father’s stake in Centaline Group, estimated to be worth about $400 million according to the Bloomberg Billionaires Index, because it was donated to charity more than a decade ago.

But Alex Shih isn’t perturbed, even though he’s missing out on the wealth that the offspring of some Hong Kong tycoons are taking control of along with the family business. Li Ka-shing, the city’s richest man, last year handed the reins to son Victor, while billionaire Lee Shau Kee last month said he was considering retiring from Henderson Land Development Co. and putting his two sons in charge.

“I personally accept it,’’ the 30-year-old Shih said of his father’s decision not to pass on the family fortune to his three children. “He told us when we were very young and we didn’t have a choice. He would say that it’s better not to lead a life that’s too comfortable in one go. You’ll treasure more if you gain things step by step.”

Shih took over running Centaline, which handles two out of every five property transactions in Hong Kong, at the start of this year when he was named vice-chairman. He is set to become chairman when his 70-year-old father Wing-Ching Shih retires, which he expects to happen sometime soon.

He ascended to the top job after a difficult year for Centaline, which was founded in 1978. Commission revenue rose a bare 1 percent to about HK$19 billion ($2.4 billion) last year, and net income slumped 52 percent to HK$501 million, as a downturn in Hong Kong’s property market and growing competition in mainland China took its toll.

Hong Kong’s property market has since rebounded, and Shih is looking to modernize the agency. He oversaw the introduction of virtual-reality house viewing in 2017, and more recently a blockchain platform to streamline sales and rental agreements.

“The company is like a big ship,” Shih said. “I am trying to provide new technology tools to make it move faster.”

While the firm handles millions of dollars of transactions a day, the softly-spoken Shih says he earns only a regular salary. The foundation that his father donated the Centaline stake to aims to alleviate poverty in rural China, from building infrastructure to supporting under-privileged children’s education.

“My friends who are working in finance are making more money than I do,” he said.

A graduate of the London School of Economics and Political Science, Shih said he considers himself an average Hong Kong citizen. His office is small and sparsely decorated, and he enjoys hiking and playing badminton – hardly the pursuits of the billionaire set.


Shih in his office.Photographer: Billy H.C. Kwok/Bloomberg

His modest upbringing has also helped keep him humble – his father eschewed the elite international schools favored by Hong Kong’s wealthy and enrolled his children in local government-subsidized schools, and instilled his philosophy that money should be used to help the less fortunate from an early age.

He even worked as a real estate agent when he first joined the family business. “It was quite tough – staying outdoors to compete with other agents for limited customers, rain or shine.”

And, like many other millennials in a city ranked the world’s least-affordable for the past nine years, he’s still saving for his first house.

Shih’s advice to his peers? Be realistic.

He aims to buy a two-bedroom apartment in a middle-class neighborhood in West Kowloon – or the slightly more upmarket Ho Man Tin area if his parents chip in, citing those areas good public transport links and potential for price growth as draw cards – a far cry from the multi-million dollar mansions his agency sells.

“The first home may not be the one you want the most. But at least you get on the property ladder and then you slowly climb up.”

I’d be like “**** dad. that’s cold.” :rolleyes:

Ding Chen

Chinese tycoon’s son whines about Canadian taxes after buying $3.8 million supercar with daddy’s money
Taxes made up about $680,000 of that total
by Alex Linder April 18, 2019 in News

Move over, Wang Sicong. There’s a new most infamous fuerdai on the block and his name is Ding Chen.

Chen made headlines in Canada last week after complaining about the massive tax bill on his custom Bugatti supercar, bought through his daddy’s credit card at a Vancouver dealership. According to an invoice posted to Instagram by Chen, the purchase incurred C$210,404 ($157,000) in federal goods and service tax along with $C697,939 ($522,000) in provincial taxes for a total of C$908,343 ($680,000) in taxes.

With a pre-tax sales price of C$4.2 million ($US3.1 million) that leaves Chen’s father footing a bill of upwards of C$5.1 million ($US3.8 million) for the Bugatti Chiron. “These taxes… my heart feels tired,” Chen wrote over the image of the invoice. Last year, British Columbia increased taxes on cars worth more than C$150,000 to 20 percent.

Fortunately for Chen, it seems like his dad should be able to afford to splurge a bit. Starting out as a duck farmer, Chen Mailin is the owner of a Chinese investment firm. In 2015, he gained attention for purchasing one of Vancouver’s most lavish mansions for C$51.8 million ($40 million).

Judging from his Instagram account, the younger Chen had been putting his father’s money to good use in Canada, posting pics of luxury watches, fancy cars and a private jet with his name on the tail.

Unfortunately, Chen’s Instagram account has since been deleted, so we will no longer be able to stay updated on the progress of his Bugatti.

[Images via SCMP]

fuerdi = ‘rich 2nd gen’

RIP Wang Jun

Wang Jun, the ‘princeling’ who chaired one of the world’s biggest asset-owning conglomerates at Citic Group, dies at the age of 78
Wang Jun, former chairman of Citic Group and the Poly Group, has died at the age of 78, according to Chinese state media
Wang was the son of Wang Zhen, one of the Eight Elders of the Chinese Communist Party and a founding elder of the modern People’s Republic
Daniel Ren
Published: 11:52am, 11 Jun, 2019


An undated photograph of Wang Jun. Photo: Baidu

Wang Jun, the son of one of communist China’s founding elders and a former chairman of the country’s largest state conglomerate, died on Monday, aged 78.
Wang died at 10.56pm on June 10, according to a report by state-owned news outlet Thepaper.cn in Shanghai, citing unidentified sources and without elaborating. Xinhua News Agency, the government’s mouthpiece, has yet to report the news.
Wang, who carried the rank of a full government minister, was chairman of China International Trust and Investment Corporation, better known as Citic, between 1995 and 2006.
With 375 billion yuan (US$54 billion) in 2013 revenue, the Beijing-based state investment vehicle was China’s largest company and one of the biggest owners of foreign assets in the world, operating a range of businesses from banking and finance to real estate and heavy industries. The company has yet to issue a statement.


Wang Jun, president of China International Trust and Investment Corporation (CITIC) and Poly Technologies, during a press conference in Beijing in 1995. Photo: AFP

The company was founded in 1979 as a vehicle for the Chinese government to raise capital when it embarked on capitalist market reforms in the late 1970s. Citic’s founder Rong Yiren – dubbed the Red Capitalist – was China’s vice-president from 1993 until 1998.
Wang was born in Hunan province in 1941, while his father Wang Zhen was a brigade commander in one of the most celebrated commune farms operated by the then communist guerillas. After the founding of the People’s Republic in 1949, the senior Wang was hailed as one of the Eight Elders of the Communist Party, and rose to the rank of the nation’s vice-president, between 1988 and 1993.


Wang Jun (left) and Larry Yung Chi-Kin (right), the son of Citic’s founder Rong Yiren during a signing ceremony in Hainan on 16 November 2004. Yung was the wealthiest Chinese businessman of mainland China with an estimated wealth of US$2.9 billion in 2013, according to Hurun Report. Photo: SCMP

The son of the late vice-president worked as a shipyard engineer at Shanghai’s Jiangnan Shipyard in 1996 after graduating from Harbin Military Engineering Institute. He served for two years with the People’s Liberation Army’s naval forces between 1977 and 1978, before joining the nascent Citic as a department chief.
Wang was promoted to Citic’s president in 1993 and was elevated into the top position of the conglomerate three years later as chairman of the board. At that time before China’s membership in the World Trade Organisation and before hundreds of Chinese companies raised capital through global stock market listings, Citic was the largest single Chinese conglomerate. It answered directly to China’s State Council, as the government cabinet was called.
During his lifetime, Wang also chaired the board of Poly Group, a state conglomerate with businesses that stretch from antiquities to real estate and military supplies and armaments.


An undated photo of Wang Jun at the Great Hall of the People near Beijing’s Tiananmen Square. Wang was appointed between 2003 and 2008 as a delegate to the Chinese People’s Political Consultative Conference (CPPCC), a political advisory body that meets every year in the Chinese capital. Photo: Sina

Citic Pacific, the international arm of the group, was at the centre of a financial scandal in 2008 when it had to write off HK$14.7 billion (US$1.88 billion) in losses due to wrong-way bets in the currency market. The loss forced Larry Yung Chi-kin – the son of Citic’s founder and then one of China’s wealthiest men – to step down in 2009 as the Hong Kong-listed company’s executive chairman. Yung is also known in mainland China as Rong Zhijian.
By the time the scandal broke, Wang had already reached his retirement age of 65, and had stepped down to make way for Kong Dan to take over the helm of the group.
A chain smoker, Wang loved golf, and was the honorary vice-chairman of the China Golf Association, a curious title in a country where the elitist sport coexists uneasily with the proletarian ethos of the ruling Communist Party.
Under Chinese President Xi Jinping’s crackdown on corruption and rid the Communist Party of ostentatious consumption, golfing was frowned upon, and club memberships for high-ranking government officials became an automatic flag for investigation.
Wang was a princeling, as the children of China’s Communist Party leaders are known, and he was a senior among equals in the tight-knit community. Other prominent princelings include Bo Xilai, the former Chongqing commissar now serving a life term in jail for corruption, who was the son of Bo Yibo, one of the Eight Elders; and China’s president Xi, the son of the late Xi Zhongxun, who was a vice-chairman of China’s legislature.
Wang is survived by his wife Ye Xiaoying, the youngest daughter of the late Marshal Ye Jianying, one of the country’s founding leaders. The couple has two sons Wang Jingchen and Wang Jingyang, and a daughter Wang Jingjing, according to Chinese media reports.

This article appeared in the South China Morning Post print edition as: Ex-Citic Group boss Wang Jun dies at 78

$2.9B USD in 2013 - wonder what he was worth now…:confused:

Zhang Xiaolei busted

Zhang Xiaolei, founder of Chinese fintech firm Qbao, to serve 15-year jail firm for fraudulent fundraising
Zhang Xiaolei founded the online fundraising platform Qbao in 2012
Court confiscates 100 million yuan worth of Zhang’s assets for his role in the illegal fundraising scheme
Daniel Ren
Published: 5:37pm, 21 Jun, 2019


In this image taken from an undated video footage run by China’s CCTV, Qbao’s founder Zhang Xiaolei speaks with police while in custody in Nanjing in eastern China’s Jiangsu province. Photo: CCTV via AP Video

Zhang Xiaolei, a prominent figure in China’s fintech sector, was sentenced to 15 years in prison for his involvement in a Ponzi scheme that involved at least 50 billion yuan (US$7.25 billion) of investors’ money.
The Nanjing Intermediate People’s Court in Jiangsu province handed down the punishment to Zhang, 50, after charging him with financial fraud and embezzling depositors’ money through illegal fundraising, and confiscated 100 million yuan of his assets, Xinhua reported on Friday.
Zhang, who founded Qbao.com, an online fundraising platform in 2012, pleaded guilty and said he would not appeal the ruling, it added.
The punishment is the latest example that has exposed high risks in China’s once thriving fintech industry.
Banquets, lies and protests: the collapse of Qbao, another popular Chinese Ponzi scheme
Qbao was touted as a “unique ecosystem” to support small businesses three years ago by state-run China Central Television.
“There are big lessons for Chinese financial regulators to learn after the collapse of a large number of fintech firms,” said Ding Haifeng, a consultant with Integrity Financial Consulting in Shanghai. “Bold steps taken to reform the finance industry offered huge loopholes for such unscrupulous people to tap and pocket illicit gains.”
Qbao offered annualised returns between 20 and 60 per cent to investors, which had 200 million registered users.
Zhang handed himself to police in Jiangsu province at the end of 2017 after his business failed to generate enough cash to repay depositors.
Qbao was the main sponsor of the Spanish soccer team Real Sociedad, but it dumped the Chinese company in February 2018 when it could not keep up with its financial commitment to the La Liga team.
It is unknown how much of investors’ money deposited at Qbao has been recovered.
The Qbao case is the biggest scandal in China’s fintech sector after regulators, in 2015, uncovered frauds by Ezubao, one of the country’s largest peer-to-peer (P2P) lending platforms which illegally raised 76 billion yuan from more than 900,000 investors.
In 2017, Ding Ning, head of Ezubao, was sentenced to life in prison for his role as the ringleader in the Ponzi scheme.
P2P businesses grew by leaps and bounds since 2013 when Beijing encouraged online firms to help reform the country’s banking system.
The P2P platforms are supposed to act as matchmakers between borrowers and investors, but thousands of businesses illegally raised funds from depositors before lending them to companies such as property developers to chase lofty interest income.
Qbao also organised banquets for “bao fans” – the investors who had put their faith in the company and its business model.
Chinese police investigated more than 10,000 cases of illegal fundraising last year, up 22 per cent from 2017, according to the Supreme People’s Procuratorate, the highest national level agency responsible for prosecution and investigation.
It said that the total amount of money involved in these scams hit 300 billion yuan, more than double the figure a year earlier.

This article appeared in the South China Morning Post print edition as: Qbao founder gets 15-year prison term for Ponzi scheme

One thing I’ll say about the chicoms - when they catch a corrupt tycoon, they make them do time.

Eric Tse

Eric Tse, 24, just became a billionaire overnight
Jessie Yeung, CNN
Updated 9:38 AM ET, Thu October 24, 2019


Hong Kong billionaire Eric Tse with Rihanna in a photo posted in September 2017.

(CNN)He’s 24 years old. He parties with Rihanna and Bella Hadid. He watches basketball games with Yao Ming.
And on Tuesday, he became a billionaire.
Eric Tse, who recently graduated from the University of Pennsylvania’s prestigious Wharton School of Finance, was gifted about $3.88 billion in his family company’s shares on Tuesday.
Tse’s parents are both executive directors of Sino Biopharmaceutical Limited, and on Tuesday they gave him a fifth of the company’s total issued shares “as a gift at nil consideration,” according to a company statement.
Tse, who is from Hong Kong, is the latest member of Asia’s booming billionaire club – but apparently wants no part in the wealth rankings. The company statement said “he will endeavour not to participate in such rankings in his own name, and would recommend participating in such nominations in the name of the Tse Ping family.”
The statement suggests he wants to keep a low profile – yet as documented on Instagram, he’s been rubbing elbows with the rich and famous long before the share transfers. In 2017, he posed with renowned models Bella Hadid and Lily Aldridge at a Bulgari party in Venice. Just a few months later, he posted a photo with singer and Fenty Beauty owner Rihanna in New York, captioning it, “Party with my idol.”
His Instagram posts tell the story of a globetrotting life – snowboarding in Japan, parasailing in Thailand, swimming with dolphins in the Bahamas.

[QUOTE]
erictse0816

erictse0816’s profile picture
erictse0816

#withthegiant # #YaoMing

189w
MARCH 6, 2016

He’s also posted photos with some of the most prominent athletes in China, like Olympic gold-medalist swimmer Sun Yang and basketball icon Yao Ming.
He has met political leaders and members of royalty like Princess Charlene of Monaco and former French first lady Carla Bruni – but more striking are the close ties he seems to have with mainland Chinese politicians.
That’s not surprising, as his father Tse Ping was previously a committee member of the Chinese People’s Political Consultative Conference (CPPCC), the country’s top political advisory body.
On October 1, the 70th anniversary of the founding of the People’s Republic of China, the younger Tse attended Beijing celebrations open only to invited guests and dignitaries.
The company statement on Tuesday said Tse’s parents had transferred the shares to him “to refine the management and inheritance of family wealth.” The document was signed by the company’s chairwoman, Theresa Tse – Eric’s sister.
Shares aside, Tse also gained a new position – executive director of the company’s executive board committee. According to the company statement, before being given this role, he previously served as CEO at the North America arm of recruitment company Liepin.
CNN has reached out to Tse for comment.
Tse is part of a new wave of wealth in China. A “rich list” released earlier this month showed that although Chinese wealth is concentrated in the hands of tech entrepreneurs, pharmaceutical moguls – like those in Tse’s family – are making ground. Pharmaceutical moguls make up 8% of China’s rich list, double that of 10 years ago.
China’s young rich also sparked last year’s viral “flaunt your wealth” challenge, which later spread worldwide. The challenge involved people photographing themselves pretending to fall out of luxury cars or trip, spreading their expensive belongings in front of them as if they’ve just casually fallen out of their pockets.
According to a new report released Monday, there are also more Chinese than Americans in the richest 10% of people in the world – a first.[/QUOTE]
The last line is the kicker and kind of the reason I started this thread.