The central government has been trying to cool down real estate, but when we look at the annual Hurun rich list, real estate is back at the top position as wealth creator, says Hurun chairman Rupert Hoogewerf at 4-Traders. And IT is following.
One in four members on the rich list made their money in China’s real estate industry, overtaking manufacturing as the most common source of wealth. Six out of the top 10 made their money in the construction sector.
Land prices in China have hit record highs in recent weeks, reflecting strong demand for property and presenting a quandary to China’s leaders who are trying to prevent a housing bubble while supporting the sector, which is a key driver of economic growth.
Real estate tycoon Wang Jianlin, chairman of Dalian Wanda Group, rose to the number one spot as his fortune doubled to $22 billion (14 billion pounds), overtaking beverage magnate Zong Qinghou….
“Strong performances in real estate and IT have driven China’s richest to new records,” Rupert Hoogewerf, founder and chairman of Hurun Report, said in a statement.
Hoogewerf, a British accountant, began publishing the list in 1999. It draws from a broad range of sources and the report has conceded that “valuing the wealth of China’s richest is as much an art as it is a science”.
Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.
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