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China news tagged with: wealth (107)

• China’s Super-rich Look for Love Online

  

  China’s wealthy men are going all out to find the woman of their dreams, paying up to $44,000 to join an exclusive online dating site, CNN reports:

  The Web site states in Chinese the qualifications for joining: a personal or family wealth of at least 2 million yuan ($292,000); a background that is extremely superior, wealthy and aristocratic; very good personal qualities or young, talented and beautiful.

  The article goes on to discuss the social forces at work behind the phenomenon:

  Behind Golden Bachelor’s extravagance is a telling trend of what the future of finding love in China could look like. In a society where 24 million Chinese men will find themselves lacking wives by 2020 because of the country’s gender imbalance, according to a recent study by the Chinese Academy of Social Sciences, it could get highly competitive.

  “Men at the bottom of the social hierarchy are going to have very few chances to meet women,” said James Farrer, author of “Opening Up: Youth Sex Culture and Market Reform in Shanghai.”

  “This is going to be very apparent in the future as poor men with few economic resources just won’t find women,” Farrer said. “Women won’t benefit from this imbalance either. These are the women who are highly educated and have high career ambitions. They will be competing for men at the top of the social hierarchy.”

  Rapid urbanization is eroding more traditional ways of finding partners through relatives and friends and is pressing young people to seek out new avenues for romance. In a society that is increasingly living life on the Internet, online services are poised to capitalize on the looming scarcity of love matches.

  » Read more
  • January 25, 2010 9:40 PM

• Shanxi Coal Mine Bosses, Extravagant Lifestyles

  

  chinaSMACK translates netizens’ reactions to news that Shanxi plans to reorganize the coal mining industry, potentially eliminating the corrupt and indulgent lifestyles of many coal mine bosses:

  Speaking of Shanxi coal bosses, people cannot help but think of their throwing money around, being extremely wealthy, driving Hummers, buying groups of buildings/houses, keeping mistresses…as “coal boss” and “money” has seemingly become synonymous.

  An even more important reason they are in the public eye like this, aside from having money, are coal mine accidents, their short-sightedness and greed having also brought to society many negative effects, and causing the title of “coal boss” to be associated with heartless and bloody. “Seeking personal wealth, ignoring safety” because their most negative image.

  Now that coal bosses will soon exit history’s stage, if only coal mine accidents can also never reappear.

  » Read more
  • December 3, 2009 1:58 PM

• A Few More Facts about China’s “Fake News” Purge

  

  For China Media Project, Qian Gang reports on the purge of four newspapers for publishing allegedly “fake” news about the concentration of wealth in the hands of the children of China’s political elite:

  The reports in question were branded as “false” on the basis of two sentences in particular.

  The first was this one: “According to information in a joint research report by the Research Office of the State Council, the Research Office of the Central Party School, the Research Office of the Central Propaganda Department, the Chinese Academy of Social Sciences and other government offices, as of the end of March 2006 27,310 people [in China] had assets in excess of 50 million yuan, and 3,220 people had assets in excess of 100 million yuan. Among those with assets in excess of 100 million yuan, 2,932 were the sons and daughters of senior officials. They accounted for 91 percent of those with assets over 100 million, with assets totaling 2.04 trillion yuan.”

  And the second: “A report by government authorities in China reveals that .4 percent of the population hold 70 percent of wealth, with concentration of wealth even higher than in the United States.”

  The concentration of wealth in China has long been an issue that has concerned ordinary citizens. According to government authorities that have yet to be specified, these four media issued fake news reports. But what exactly is the truth here?

  » Read more
  • November 30, 2009 10:16 PM

• Forbes: China’s 400 Richest

  

  Forbes has published its latest list of China’s 400 richest people:

  A quick comparison of our new Forbes China Rich List with that of the Forbes 400 list of richest Americans, published in September, appears to tell a familiar story. China’s 400 Richest are worth a record $314 billion, but that is just one-fourth the total net worth of their American counterparts. China’s richest person, BYD’s Wang Chuanfu, has a net worth of $5.8 billion, far below the $50 billion fortune belonging to America’s richest citizen, Microsoft’s Bill Gates. In the U.S., Wang would only rank no. 40, tied with petroleum magnate Harold Hamm.

  At the top this year is Wang Chuanfu:

  Wang Chuanfu’s wealth catapulted this year as it became clear that Beijing would go along with his plans to sell a 9.9% stake in BYD, his Hong Kong-listed rechargeable battery and auto manufacturing company, to Warren Buffett’s MidAmerican Energy ( MDPWL.PK – news – people ).

  The hope: BYD, which stands for “Build Your Dreams,” will emerge as a world leader in making electric cars, and Buffett will give him cachet in the U.S. and elsewhere. The reality: Wang, though basking in his Buffett deal and selling conventional sedans at a record pace of late in China, doesn’t yet have any electric models in commercial production. BYD’s stock has risen more than sixfold in the past seven months; its shares are trading at 97 times their 2008 earnings. Wang’s wealth has ballooned to $5.8 billion, compared with $1.06 billion a year ago.

  » Read more
  • November 4, 2009 10:14 PM

• Lack of Charity Greets China Tycoon’s Donation

  

  One of China’s wealthiest tycoons recently announced the formation of the country’s largest-ever private charity. His decision was met with skepticism from even the official media. From the Financial Times:

  …When Chen Fashu, the 15th richest man in China this year, with a personal fortune of about $3.7bn, announced last week he would donate roughly Rmb8.3bn ($1.2bn, €821m, £744m) to his new charitable foundation, state media responded by questioning his motives.

  Even the People’s Daily, the designated mouthpiece of the Chinese Communist party, suggested the charity might be used to evade a possible tax investigation and questioned whether the funds would all be used for charitable causes.

  According to Tang Jun, Mr Chen’s spokesman and chief executive of the new charity, the Xinhuadu Philanthropic Foundation, Mr Chen is not under investigation and speculation over his motives is completely unfounded.

  China’s state administration of taxation refused to comment but a senior government official in charge of overseeing charitable donations expressed reservations about the donation.

  » Read more
  • October 27, 2009 2:13 PM

• China World’s Fastest Growing Diamond Market

  

  The Financial Times reports on how those in China with money to burn are spending it:

  Turnover from diamond sales globally stands at $65bn, with about half of those sales coming from the US. Growing demand for diamonds and diamond jewellery in China, including Hong Kong, is expected to help it become the world’s second biggest consumer of diamonds this year. Japan and China account for about 12-13 per cent of sales, says Mr Hanard.

  “China is the world’s fastest growing diamond market. And it can go very fast. It is still discovering diamonds,” said Mr Hanard.

  Gold remains the traditional symbol of wealth in China, but diamonds have become popular, especially for weddings. “When people get married, they want a house, a car and a diamond,” said Shaun Rein, managing director of China Market Research Group in Shanghai.

  » Read more
  • September 21, 2009 8:53 PM

• Beijing Tops Hurun Rich List with 143,000 Millionaires

  

  China Daily reports on the release of the annual Hurun “rich list”:

  Beijing has the largest number of wealthy people in China, according to the report.

  It said there are 143,000 multimillionaires and 8,800 billionaires in Beijing.

  There are 116,000 multimillionaires and 7,000 billionaires in Shanghai.

  High-rollers in Beijing need to spend at least 87 million yuan on property, cars and other luxury goods in order to be regarded as one of the city’s “new aristocrats”, or upper class, the report said.

  They own at least three dwellings of their own, including a villa, like the 400-sq-m Ziyu Shanzhuang villa costing 24 million yuan, a luxury apartment in the downtown area for work purposes, and a Siheyuan courtyard house probably in Houhai.

  Meanwhile, in Hong Kong, the number of millionaires shrank by 61% over last year, according to the report.

  » Read more
  • August 23, 2009 10:21 PM

• In France, Chinese Swoop In To Buy Stake in Savoir-Faire

  

  Chinese investors are buying up historic French chateaus, renovating one into a destination for wealthy Chinese wedding parties. The most recent purchase is Chateau Richelieu, the Washington Post reports:

  King Louis XIII’s minister, Cardinal Richelieu, bought the prestigious vineyard in 1632 and installed his favorite mistress in the chateau. A generation later, the wines of Fronsac, Chateau Richelieu prominently among them, became standard fare for feasts at Versailles under Louis XIV. Ever since, Chateau Richelieu and its ancient heritage have been a pride of the Fronsac region, which runs along the Dordogne River 20 miles northeast of Bordeaux.

  But times have changed, even in Fronsac. Chinese real estate investors based in Hong Kong and Beijing plopped down a small fortune last month and bought the place up — vineyard, chateau and pedigree included.

  The deal was the second such purchase in just over a year. Another Chinese company, this one based in Qingdao, gobbled up Chateau Latour-Laguens, just south of here, in early 2008. It has since launched a multimillion-dollar renovation aimed at turning the middling wine into a high-end marque and the 500-year-old chateau into a destination for well-heeled Chinese wedding parties.

  In both cases, according to specialists involved in the negotiations, the Chinese buyers sought precisely what France is richest in: history, elegance, tradition and savoir-faire. The new generation of wealthy Chinese entrepreneurs in effect came to France to buy a piece of the class, bloodline and heritage that were uprooted in their own country by the communism of Mao Zedong and the Cultural Revolution.

  » Read more
  • July 26, 2009 5:22 PM

• Hangzhou Street Racing Victim Compensated 1.13 Million

  

  The family of Tan Zhuo, the young man who was accidentally hit by street-racer Hu Bin, was compensated 1.13 million RMB for Tan’s death. chinaSMACK shares netizen views:

  新浪河南网友手机用户:

  I refuse to accept this! Without an agreement I will not believe it! The compensation was too quick, even before the courts have issued a sentence? Here, someone hits and kills 4 people and only paid 200,000! Everyone break up ["there is nothing to see here"]! Be careful when crossing the street, your father definitely does not have such good luck like old Tan [Tan Zhuo's father]!

  新浪山东烟台网友:

  Street-racing in busy city areas, this is not a simple traffic violation, it is a public safety endangerment crime. If this kind of crime is not punished severely, there will be even more cars racing on the streets and there will be even more people hit by street-racing cars. Are you willing to be hit? Are you willing to use 1 million to exchange your life? Perhaps 1 million is not a small amount of money for many people, but this probably cannot even pay for the car that was used to kill you. If a society sinks into using money to buy peace, giving money to make peace, then there are plenty of rich people, plenty of millionaires, plenty of billionaires, who can drive however they want and hit/kill however many people they want because they have plenty of money!!! If the perpetrator is not severely punished, then let’s wait for even more souls dying under the wheels of these street-racer groups.

  TOM广东省惠州网友:

  To speak my conscience, it is this society. If the media exposes it, and the leadership attaches importance to it, then the matter will go much more smoothly. [However] in most situations, the law stands on the side of those who have power because they have money!! This will be “dealt with leniently”!! This is the inevitable law of history!! Those with money will always be the boss, and those without money will forever be bullied by others! Poor people and rich people who have committed the same crime face different punishments. But if exposed, and everyone knows it, the leadership class, because of their goal of long-term development, will still however painfully impartially handle things!

  » Read more
  • May 22, 2009 6:11 PM

• Street Racing Rich Kid Kills Pedestrian, Netizens Outraged (Updated)

  

  The latest cause of outrage on the Chinese Internet is a traffic accident in which a wealthy sports car driver hit and killed a young college graduate in Hangzhou. From Netease (translated by chinaSMACK):

  According to Zhejiang Online’s May 8th report, on the 7th, several young people in Hangzhou City Wen Er West Road were street racing, and amongst them one red race car hit and killed a pedestrian crossing the crosswalk. Onlookers said the perpetrating boy’s attitude was very poor, hitting and killing a person yet treating it as if nothing happened. The perpetrator’s Mitsubishi sports car was labeled with two websites, and amongst the websites read “here gathers the country’s best drifting race car drivers”. A witnesses said, “A little after 8:00pm “rumble rumble rumble” came three cars, all very low very sports cars, going very fast very fast. The boy who was hit was crossing the crosswalk at the time, although at the time I did not see clearly if it was a boy or a girl. Upon being hit, his body flew into the air, flew very high very high, as high as that (Mr. Hu pointed to the Dejia Apartments front door/gate, the door/gate is over 5 meters high)! He flipped in the air, and then fell back down.” Onlooking pedestrians all indicated, 100 km/h? Up to 150km/h? Otherwise how could a person be hit so far? The report said the accident victim was from Hunan, born 1984, only son, graduated from Zhejiang University in 2006, and was working at Hangzhou Yisai Communications Limited Company, and prior to the incident had watched the movie “Nanjing! Nanjing! in the nearby cinema.

  chinaSMACK also translates some reactions from netizens, including some who posted personal details and photos of the accused:

  fcbillking:

  I saw the news. This kind of people, they are all beasts/animals, all deserve execution. The person who was killed, anyhow was a Zhejiang University talent, such a waste, losing a person who could have contributed to the country.

  songcatcher:

  70km/h car speed, able to knock a person 5 meters high, throwing him over 20 meters far?

  Hangzhou’s JC again insult the people’s intelligence!!! The perpetrator indeed has people in high places.

  -照脸一板砖-:

  Qie,
  Simply spending some money can fix this,
  in China, the thing that is worth the least is human life. [said in disgust]

  Update: See also two posts from ESWN on the incident: “Hangzhou, Whose Paradise Is It?” a translation of a blog post by Hecaitou, and “How To Bury Hu Bin,” a post on RedNet expressing support for the driver.

  » Read more
  • May 10, 2009 2:58 PM

• China’s Art Market: Cold or Maybe Hibernating?

  

  The Chinese contemporary art market, which so recently was enjoying skyrocketing prices and acclaim around the world, is now suffering as the global economic crisis hits personal pocketbooks. A New York Times article begins by looking at the declining fortune of artist Zhang Fanzhi and others:

  …Just as he and dozens of other artists in Beijing and Shanghai put the finishing touches on lavish studios that proclaim their success, the market for Chinese contemporary art has entered a downward spiral.

  A global financial crisis has wiped out vast amounts of personal wealth, prompting a plunge in art prices. Suddenly bereft of visitors, galleries are laying off staff members, and the collectors who patronized them now worry that their art investments may prove a colossal folly.

  “It’s been a long, cold winter,” said Zoe Butt, director of international programs at Long March Space, which is closing two of its three Beijing galleries. “The era of Chinese contemporary art commanding such high prices is over.”

  » Read more
  • March 10, 2009 8:29 PM

• Jailed Billionaires Show New Face of China as Markets Unravel

  

  Bloomberg writes about jailed tycoon Huang Guangyu, of Gome Electronics, who is being investigated for share manipulation, and the fate of China’s wealthiest entrepreneurs as the economic crisis hits:

  During China’s 30-year boom, foreign investors bet heavily on the so-called red capitalists: emerging billionaires who symbolized the nation’s new wealth.

  As of Feb. 23, Chinese stocks listed in Hong Kong had plunged more than 60 percent from their peak in October 2007 compared with a 50 percent fall in the Standard & Poor’s 500 Index. Some of the companies that have crashed the hardest are those built by billionaire highfliers such as Huang, whose 34 percent stake in Gome is now worth less than one fourth of the $2.8 billion it was valued at on Sept. 1.

  Even in the good times, China’s new rich thrived only at the whim of an autocratic and still nominally communist regime. Now, collapsing global demand for its exports has plunged the world’s fastest-growing major economy into crisis, causing thousands of factory closings.

  [...] Only corruption continues to flourish — at a cost of $86 billion a year, according to the Washington-based Carnegie Endowment for International Peace.

  » Read more
  • February 24, 2009 11:16 AM

• The Chinese are Coming, to Buy Bargain US Homes

  

  Some of Chinese new rich have joined the tours to take advantage of good deals on real estate in the dismal economy in the U.S., from AP:

  Beijing lawyer Ying Guohua is heading to the United States on a shopping trip, looking not for designer clothes or jewelry, but for a $1 million home in New York City or Los Angeles.

  He expects to get a bargain. Ying is part of a growing number of Chinese who are joining tours organized especially for investors who want to take advantage of slumping U.S. real estate prices amid a financial crisis.

  “It’s a great time to buy because of the financial crisis, and houses in large cities like New York and Los Angeles will definitely go up in a few years,” Ying said. The home is an investment, but he’s also planning long-term: He hopes his 5-year-old son might use it if he goes to college in the United States.

  See also an earlier USA Today story on the same topic.

  » Read more
  • February 12, 2009 9:15 PM

• Contradictions in China, and the Rise of a Billionaire Family

  

  The New York Times tells the story of the Liu family in Sichuan, who grew up in poverty and amid public scorn during the Cultural Revolution, only to become one of China’s richest families:

  The Lius are China’s first-generation billionaires, born into a world of Mao suits, food rations, price controls and Communist slogans. And the story of how they made their fortune is considered one of the guiding myths of China’s Communist party, a symbol of this country’s transformation over the last 30 years, since its unlikely embrace of capitalism. But their story also betrays the contradictions of modern China — a country where the average factory worker makes less than $50 a week.

  “The puzzle is not why the Liu brothers succeeded, but why there are not more like them in China,” says Huang Yasheng, who teaches at the Sloan School of Management at the Massachusetts Institute of Technology and is an expert on Chinese entrepreneurs. “Rural China represents a vast pool of entrepreneurial capabilities and substantial business opportunities.”

  As the global economy enters its first drastic downturn since China opened to the world, analysts say this country is searching for a more sustainable path to growth.

  » Read more
  • January 2, 2009 10:49 AM

• Chinese Caddies Join the Unemployment Line

  

  According to MarketWatch, another sign of a shrinking Chinese economy is the rising number of unemployed golf caddies:

  In recent weeks, China has gone from optimism it could escape the global slowdown to a realization its export sector would take a direct hit — November exports are expected to have shrunk in value for the first time in seven years — and finally, to worries the whole economy is on the floor.’

  J.P. Morgan, in a new strategy note, pinpoints the “collapse of the domestic housing market” for spreading the feel-bad factor around.

  Leaving aside the export sector, it seems intuitive that many of the industries that fed off the asset and property bubble on the way up will be spat out on the way down. One surprising new casualty of the economy is the jobless golf caddie.

  » Read more
  • December 7, 2008 4:24 PM

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