Monday, Asia’s Rich man Wang Jianlin was the largest loser in stock market crash in China.
- Asia’s Rich man Wang Jianlin lost billion dollars after stocks in the region fell dramatically.
- Report said, Wang’s main business vehicle intends to build a five-star hotel on the Nine Elms regeneration site in south-west London, billed as the first Chinese luxury hotel overseas.
- He lost US$3.6 billion in just the past two trading sessions, it said about a third of his total losses this summer.
According to an analysis of stock exchange data and filings, Wanda Dalian Commercial Properties has plummeted 38 per cent since June 12, slashing nearly US$9 billion off the value of Mr Wang’s stake; Wanda Cinema Line fell by 36 per cent, for a loss of US$4.2 billion; and Wanda Hotel Development shares plummeted by 49 per cent, wiping another US$60 million away.
About US$124b was wiped off the collective fortunes of the world’s 400 richest people as the global selloff pushed the Standard & Poor’s 500 Index into its first correction in nearly four years. China stocks plunged again on Tuesday, spelling more losses for Asia’s richest.
“Everyone is probably overly pessimistic about the stock market now,” Amy Lin, a Shanghai-based analyst at Capital Securities said. “There was a lot of panic selling in the market.”
Asia’s Rich man Wang Jianlin spent 16 years as a soldier before achieving billionaire status by amassing an empire as founder of the Dalian Wanda Group, a conglomerate that operates in real estate and entertainment. His ambitions run far and wide, and recent investments have focused heavily on the entertainment sector. In 2013, Wang spent $1.6 billion to buy British yacht maker Sunseeker, which has built vessels for James Bond films. Prior to that, Wang acquired U.S. movie chain AMC Cinemas for $2.6 billion in 2012.
Wang Jianlin is a Chinese businessman and philanthropist. He serves as the Chairman of the Dalian Wanda Group, China’s largest real estate developer, as well as the world’s largest movie theater operator. He owns 20% of the Spanish football club Atlético Madrid.
After sixteen years in the People’s Liberation Army, Wang started working as the Office Administrator for the Xigang District in the city of Dalian. In 1989, he became the General Manager of Xigang Residential Development. He was Head of Factory in aJiangyin-based factory. In 1992, he started working as the General Manager for the Dalian Wanda Group, where he has been CEO since 1993. He has also been serving as Executive Deputy General Manager and Director in Jiangsu Jiangnan Water Co.
His company owns 9.03 million square metres of investment property, 58 Wanda Shopping Plazas, 15 luxury hotels, 68 cinemas, 57 department stores, and 54 karaoke centres around China. The company became the world’s largest theatre owner in 2012 when it acquired AMC Theaters. He bought out U.S.-based AMC Entertainment for $2.6 billion. He listed it on the New York Stock Exchangein December. He flew in celebrities Leonardo DiCaprio, Kate Beckinsale, and John Travolta to help launch an $8 billion mini-Hollywood in the coastal city of Qingdao in September 2013.
He acquired the landmark Edificio España building in Madrid, Spain, in March 2014 from Grupo Santander for “about a third less than the €389 million that Banco Santander paid in 2005, at the height of Spain’s construction boom”. Previously, Dalian Wanda had taken on billion-dollar hotel development projects in London and New York, as well as property projects in India.
In September 2013 he announced plans to build the world’s largest studio pavilion at Oriental Movie Metropolis which include a 10,000 square meter studio and an underwater stage.
In 2014, he acquired land at 9900 Wilshire Boulevard in Beverly Hills, California to build the American headquarters of his entertainment company.
In January 2015, it was reported that he was buying a 20% stake in the Spanish football club Atletico Madrid for €45m.
The Economist called him “a man of Napoleonic ambition”, and citing his military background in the PLA, where he rose from border guard to regimental commander. He enforces “iron discipline” in the workplace, where employees are fined when they violate the company’s conservative dress code. Despite his age, he has a “trim figure”.
According to the Hurun Report, in 2014 he was the 26th richest person in the world with $25 billion.IMAGE/Getty Images