(Yicai Global) May 10 -- Wang Jianlin, founder of China’s leading real estate developer Wanda Group, and his son, Wang Sicong, are once again China’s richest persons.
The two claimed the top spots on the 2017 China rich list Chinese finance magazine New Fortune publishes, with personal wealth totaling USD26 billion (CNY179 billion).
Wang Wei, founder of the delivery service company S.F. Holding Co. [SHE:002352], vaulted from number 47 in 2015 to third place this year, with a four-fold increase in personal wealth to USD22 billion (CNY150 billion) following the company’s A-share listing last year.
In contrast, the personal fortune of Jia Yueting, founder of internet ecosystem developer Leshi Holding (Beijing) Co., shrank by almost CNY30 billion, plunging his ranking from number nine to 34. His company is reputedly caught a serious cash crunch.
Jack Ma of internet behemoth Alibaba Group Holding Ltd. [NYSE:BABA] rose to second place from third in 2015. The ecommerce magnate is worth an estimated CNY155 billion.
Other multibillionaires making the top-10 cut are Ma Huateng, founder and chief executive of Tencent Holdings Ltd. [HK:0700], Ding Lei, founder of NetEase Inc. [NASDAQ:NTES], He Xiangjian of home appliance maker Midea Group Co. [SHE:000333] and his family, Lu Zhiqiang of Oceanwide Holdings Co. [SHE: 000046], Zong Qinghou’s family, Lei Jun and Robin Li.
Five of the 10 richest Chinese people are in the technology, media and telecom industries. Real estate tycoons used to dominate the top-10 list, but only two of them, Wang Jianlin and Lu Zhiqiang made the cut this year, indicating that the halcyon days are over for property developers.