{"id":188138,"date":"2015-10-30T21:33:59","date_gmt":"2015-10-31T04:33:59","guid":{"rendered":"http:\/\/chinadigitaltimes.net\/?p=188138"},"modified":"2021-09-14T20:37:19","modified_gmt":"2021-09-15T03:37:19","slug":"tycoon-wang-jianlin-defends-xis-relatives-business-deal","status":"publish","type":"post","link":"https:\/\/chinadigitaltimes.net\/2015\/10\/tycoon-wang-jianlin-defends-xis-relatives-business-deal\/","title":{"rendered":"Tycoon Defends Xi\u2019s Relatives Over Business Deal"},"content":{"rendered":"

Responding to questions about a New York Times investigation\u00a0into ties between Dalian Wanda Group and Chinese political elites<\/a>, Wang Jianlin, the property developer’s chairman and China’s richest person, maintained that his firm’s success was not based on political connections. At a talk at\u00a0Harvard Business School on Thursday, Wang admitted that President Xi Jinping’s elder sister and her husband were once shareholders in\u00a0Dalian Wanda Commercial Properties<\/a><\/strong>, but claimed that\u00a0\u201cWanda has no political affiliations.\u201d From\u00a0Michael Forsythe, the investigation’s author, at The New York Times:<\/p>\n

\n

The Times article said that the couple had acquired large stakes in Mr. Wang\u2019s flagship company, Dalian Wanda Commercial Properties, before it went public The shares they purchased through a holding company for $28.6 million in 2009 are now worth $201 million.<\/p>\n

Mr. Wang said that Mr. Xi\u2019s sister, Qi Qiaoqiao, and her husband, Deng Jiagui, had sold their shares before the I.P.O.<\/p>\n

[…] Mr. Wang added, \u201cThis actually proves that it is not corruption, but that President Xi Jinping governs the country strictly, and he manages his family even more strictly.\u201d<\/p>\n

[…]\u00a0In defending the company\u2019s ties with Mr. Xi\u2019s relatives, Mr. Wang may have inadvertently drawn attention to a common practice among wealthy and powerful Chinese people: the transfer of shares, sometimes to distant relatives or business associates, to mask business interests. [<\/span>Source<\/a><\/strong>]<\/span><\/p>\n<\/blockquote>\n

Forsythe’s investigative piece on Wang Jianlin was originally written for Bloomberg News, whose top editors decided not to publish the article<\/a> due\u00a0to fears that the report would jeopardize the company’s business opportunities in China<\/a>.\u00a0Forsythe left Bloomberg in 2013 over the handling of the article before joining The New York Times in 2014.<\/p>\n","protected":false},"excerpt":{"rendered":"

Responding to questions about a New York Times investigation\u00a0into ties between Dalian Wanda Group and Chinese political elites, Wang Jianlin, the property developer’s chairman and China’s richest person, maintained that his firm’s success was not based on political connections. At a talk at\u00a0Harvard Business School on Thursday, Wang admitted that President Xi Jinping’s elder sister […]<\/p>\n","protected":false},"author":1088,"featured_media":136816,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[2,10,14744,14745,14746,100],"tags":[493,8450,15280,15298,16003,4674],"class_list":["post-188138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-law","category-level-2-article","category-level-3-article","category-level-4-article","category-politics","tag-business-ethics","tag-investigative-journalism","tag-wanda-group","tag-wang-jianlin","tag-wealth","tag-xi-jinping","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\nTycoon Defends Xi\u2019s Relatives Over Business Deal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/chinadigitaltimes.net\/2015\/10\/tycoon-wang-jianlin-defends-xis-relatives-business-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tycoon Defends Xi\u2019s Relatives Over Business Deal\" \/>\n<meta property=\"og:description\" content=\"Responding to questions about a New York Times investigation\u00a0into ties between Dalian Wanda Group and Chinese political elites, Wang Jianlin, the property developer’s chairman and China’s richest person, maintained that his firm’s success was not based on political connections. 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