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| Chairman Wang: 'It's about the process of pursuing wealth' | Chairman Wang: 'It's about the process of pursuing wealth' |
| (about 1 hour later) | |
| Admirers call him Chairman Wang. Almost half a century ago, as a teenage army cadet, he earned his stripes on a People’s Liberation Army (PLA) base near China’s frigid border with Russia. | Admirers call him Chairman Wang. Almost half a century ago, as a teenage army cadet, he earned his stripes on a People’s Liberation Army (PLA) base near China’s frigid border with Russia. |
| Today, at 61, Wang Jianlin is one of the wealthiest and most influential entrepreneurs on earth – a globe-trotting tycoon who circles the world in a Gulfstream jet and rubs shoulders with an all-star cast of political and cultural figures, from the Chinese and US presidents, Xi Jinping and Barack Obama, to Nicole Kidman and Leonardo DiCaprio. | Today, at 61, Wang Jianlin is one of the wealthiest and most influential entrepreneurs on earth – a globe-trotting tycoon who circles the world in a Gulfstream jet and rubs shoulders with an all-star cast of political and cultural figures, from the Chinese and US presidents, Xi Jinping and Barack Obama, to Nicole Kidman and Leonardo DiCaprio. |
| A card-carrying member of China’s ruling Communist party, Wang was last year named his country’s wealthiest man and is said to be worth $28.7bn. | |
| This week his global empire – which already included more than 5,000 cinema screens, 100 shopping complexes, a Madrid skyscraper and the Dorset-based luxury yacht-maker Sunseeker – grew further, when he took advantage of the weak pound to snap up Europe’s biggest cinema group, Odeon and UCI, for £921m . | |
| “I don’t need that much money,” the self-made billionaire said of his fortune, in an interview with Bloomberg last year. “It’s never about the wealth but the process of pursuing wealth. As long as the process is thrilling, the numbers in the end don’t matter.” | “I don’t need that much money,” the self-made billionaire said of his fortune, in an interview with Bloomberg last year. “It’s never about the wealth but the process of pursuing wealth. As long as the process is thrilling, the numbers in the end don’t matter.” |
| Wang’s son, 28-year-old Wang Sicong, educated at Winchester and UCL, appears a little more interested in the bling that being a billionaire can bring. He has courted controversy by flaunting the family wealth and last year was reported to have splashed out nearly £20,000 for two gold Apple Watches for his dog. | Wang’s son, 28-year-old Wang Sicong, educated at Winchester and UCL, appears a little more interested in the bling that being a billionaire can bring. He has courted controversy by flaunting the family wealth and last year was reported to have splashed out nearly £20,000 for two gold Apple Watches for his dog. |
| William Kirby, a Harvard University professor who has spent time with Wang Sr, describes him as one of China’s great “entrepreneurial heroes” and perhaps the most powerful real estate magnate on earth. | William Kirby, a Harvard University professor who has spent time with Wang Sr, describes him as one of China’s great “entrepreneurial heroes” and perhaps the most powerful real estate magnate on earth. |
| He’s got this huge empire and yet he’s approving just about everything. He’s very much the man in charge | He’s got this huge empire and yet he’s approving just about everything. He’s very much the man in charge |
| “My sense ... is that he is a person who sizes up opportunities and situations very quickly [and] when he determines to make a commitment to do something, he does it and doesn’t look back,” Kirby said. | “My sense ... is that he is a person who sizes up opportunities and situations very quickly [and] when he determines to make a commitment to do something, he does it and doesn’t look back,” Kirby said. |
| Wang’s path to fame and fortune began in south-west China in October 1954, exactly five years after Chairman Mao’s communists took power following a bloody civil war. The eldest of five brothers, Wang was born and raised in Guangyuan, an industrial hub in Sichuan province. | Wang’s path to fame and fortune began in south-west China in October 1954, exactly five years after Chairman Mao’s communists took power following a bloody civil war. The eldest of five brothers, Wang was born and raised in Guangyuan, an industrial hub in Sichuan province. |
| The billionaire’s father, Wang Yiquan, was a PLA veteran who had fought under Mao during the 1930s and Wang abandoned secondary school to follow in his father’s footsteps. | The billionaire’s father, Wang Yiquan, was a PLA veteran who had fought under Mao during the 1930s and Wang abandoned secondary school to follow in his father’s footsteps. |
| In 1970, aged 15, he enlisted and was quickly dispatched to the Yalu river military camp in the north-eastern province of Jilin. | In 1970, aged 15, he enlisted and was quickly dispatched to the Yalu river military camp in the north-eastern province of Jilin. |
| “At first, it was my dream to become a general,” Wang, who would spend almost 17 years in uniform before being decommissioned in the 1986, told the Beijing Times. | “At first, it was my dream to become a general,” Wang, who would spend almost 17 years in uniform before being decommissioned in the 1986, told the Beijing Times. |
| Instead, as China opened its doors to the west following Mao’s death in 1976, Wang, now in his 30s, became a civil servant in the north-east city of Dalian. | Instead, as China opened its doors to the west following Mao’s death in 1976, Wang, now in his 30s, became a civil servant in the north-east city of Dalian. |
| As the economy began to take off, he made his first forays into commercial property development. “It was crystal clear to me where I should be going,” he told Bloomberg. | As the economy began to take off, he made his first forays into commercial property development. “It was crystal clear to me where I should be going,” he told Bloomberg. |
| In 1988, Wang reputedly used a $80,000 loan to set up what would become the Wanda Group, a sprawling real estate and entertainment conglomerate that today spans luxury hotels, shopping malls, the movie business and even a $3.3bn dragon-filled theme park conceived as a Chinese answer to Disneyland. | In 1988, Wang reputedly used a $80,000 loan to set up what would become the Wanda Group, a sprawling real estate and entertainment conglomerate that today spans luxury hotels, shopping malls, the movie business and even a $3.3bn dragon-filled theme park conceived as a Chinese answer to Disneyland. |
| Since 2012 Wang, has embarked on an almost unfathomable global spending blitz in a push to turn Wanda into a $200bn colossus by 2020. | Since 2012 Wang, has embarked on an almost unfathomable global spending blitz in a push to turn Wanda into a $200bn colossus by 2020. |
| Before buying Odeon and UCI he had already made giant strides into the world of movies, spending $2.6bn on AMC Entertainment , the second largest cinema chain in the US, and $3.5bn on Legendary Entertainment, the Hollywood studio behind the movies Interstellar and Jurassic World. | Before buying Odeon and UCI he had already made giant strides into the world of movies, spending $2.6bn on AMC Entertainment , the second largest cinema chain in the US, and $3.5bn on Legendary Entertainment, the Hollywood studio behind the movies Interstellar and Jurassic World. |
| Last year Wanda splashed out $1.2bn on a Swiss sports-marketing firm run by the nephew of the former Fifa president Sepp Blatter, and snapped up a 20% stake in Atlético Madrid. | |
| Wang’s success has transformed the former soldier into a celebrity in his native land. Chinese bookshops stock dozens of hagiographies that pore over his rags-to-riches tale with names such as Nothing is Impossible and Wang Jianlin’s Way to Make Money. | Wang’s success has transformed the former soldier into a celebrity in his native land. Chinese bookshops stock dozens of hagiographies that pore over his rags-to-riches tale with names such as Nothing is Impossible and Wang Jianlin’s Way to Make Money. |
| Michael Forsythe, a New York Times journalist who spent almost three years digging into Wang’s world, said the multi-billionaire is a hands-on businessman. “He makes the decisions, even though it is a huge company that opens a mall every week seemingly, or sometimes in reality, in China,” he said. “He’s got this huge empire and yet he’s approving just about everything. He’s very much the man in charge.” | Michael Forsythe, a New York Times journalist who spent almost three years digging into Wang’s world, said the multi-billionaire is a hands-on businessman. “He makes the decisions, even though it is a huge company that opens a mall every week seemingly, or sometimes in reality, in China,” he said. “He’s got this huge empire and yet he’s approving just about everything. He’s very much the man in charge.” |
| But Forsythe said there were many unanswered questions about Wang’s dealings, his company’s debt levels and in particular his relationship with the Communist party, of which he is a longstanding member. | But Forsythe said there were many unanswered questions about Wang’s dealings, his company’s debt levels and in particular his relationship with the Communist party, of which he is a longstanding member. |
| “He’s a very type A, driven businessman who has been successful – and probably would be successful anywhere,” the investigative journalist said, adding: “It’s just that that is not the whole story ... to say he got his success just from his business acumen is just not accurate.” | “He’s a very type A, driven businessman who has been successful – and probably would be successful anywhere,” the investigative journalist said, adding: “It’s just that that is not the whole story ... to say he got his success just from his business acumen is just not accurate.” |
| Forsythe discovered that relatives of several top leaders, including the president’s sister, held significant stakes in Wang’s company. | Forsythe discovered that relatives of several top leaders, including the president’s sister, held significant stakes in Wang’s company. |
| Wanda has yet to provide an in-depth response to Forsythe’s report. | |
| Wang’s son appears less interested in politics. “I think at some point you just accept [the lack of freedom in China],” he told the BBC last year. “That’s why you don’t see many people protesting in China, I suppose ... they could arrest you for that.” | Wang’s son appears less interested in politics. “I think at some point you just accept [the lack of freedom in China],” he told the BBC last year. “That’s why you don’t see many people protesting in China, I suppose ... they could arrest you for that.” |
| Joseph Nye, a Harvard political scientist, also has reservations about the lionization of China’s richest man. | Joseph Nye, a Harvard political scientist, also has reservations about the lionization of China’s richest man. |
| Nye had a notorious run-in with Wang during a panel at the 2014 World Economic Forum in Davos. The Chinese billionaire turned against the American scholar after he questioned Beijing’s ability to project soft power. “This is an economic debate. Not a political one,” Wang snapped. “This is not polite.” | Nye had a notorious run-in with Wang during a panel at the 2014 World Economic Forum in Davos. The Chinese billionaire turned against the American scholar after he questioned Beijing’s ability to project soft power. “This is an economic debate. Not a political one,” Wang snapped. “This is not polite.” |
| “He clearly is a man who is pretty arrogant,” said Nye, who suspects Wang’s reaction may have been an attempt to “curry favour with the political powers-that-be” back in China. | “He clearly is a man who is pretty arrogant,” said Nye, who suspects Wang’s reaction may have been an attempt to “curry favour with the political powers-that-be” back in China. |
| “It left me with a slight sense of cynicism,” Nye added. “In all systems great wealth and power tend to relate to each other. But it confirmed what I felt about the Chinese system – that the distance between wealth and power is even narrower than it is in western system.” | “It left me with a slight sense of cynicism,” Nye added. “In all systems great wealth and power tend to relate to each other. But it confirmed what I felt about the Chinese system – that the distance between wealth and power is even narrower than it is in western system.” |
| For all his detractors, Wang also has many fans, and not just inside the Communist party which he joined four decades ago. | For all his detractors, Wang also has many fans, and not just inside the Communist party which he joined four decades ago. |
| Kirby said that when he invited Wang to give a speech to the Harvard Business School last year there was such huge demand for tickets that he had been forced to move the event into its largest auditorium. “And there was a long line outside waiting to get in,” he recalled. | Kirby said that when he invited Wang to give a speech to the Harvard Business School last year there was such huge demand for tickets that he had been forced to move the event into its largest auditorium. “And there was a long line outside waiting to get in,” he recalled. |
| Up close, China’s richest man came across as a “very straightforward, very genuine person,” Kirby said. “He is an entrepreneur ... who has taken big bets, most of which have worked out spectacularly well.” | Up close, China’s richest man came across as a “very straightforward, very genuine person,” Kirby said. “He is an entrepreneur ... who has taken big bets, most of which have worked out spectacularly well.” |
| Wang was also “a very wise man”, the Harvard scholar quipped, pointing to his latest investment: “He’s the only person in the world who is investing in Britain at the moment.” | Wang was also “a very wise man”, the Harvard scholar quipped, pointing to his latest investment: “He’s the only person in the world who is investing in Britain at the moment.” |
| Additional reporting by Christy Yao | Additional reporting by Christy Yao |
| Whatever Wang wants ... | Whatever Wang wants ... |
| Multiple homes: Wang is thought to have addresses in at least three cities: Beijing, Chengdu and Dalian, the north-eastern city where he built his business kingdom. Wang’s UK pad is a 10-bedroom, eight-bathroom mansion at 15A Kensington Palace Gardens in south-west London, where neighbours include Roman Abramovich and the Russian embassy. Wang reportedly bought the heavily guarded “billionaire’s row” property from Russian oligarch Leonard Blavatnik last December for £80m. | Multiple homes: Wang is thought to have addresses in at least three cities: Beijing, Chengdu and Dalian, the north-eastern city where he built his business kingdom. Wang’s UK pad is a 10-bedroom, eight-bathroom mansion at 15A Kensington Palace Gardens in south-west London, where neighbours include Roman Abramovich and the Russian embassy. Wang reportedly bought the heavily guarded “billionaire’s row” property from Russian oligarch Leonard Blavatnik last December for £80m. |
| Chicago’s most expensive penthouse: Wang’s company is currently working on Chicago’s Vista Tower skyscraper. Its 7,000 sq ft penthouse is on the market for $17.1m. | Chicago’s most expensive penthouse: Wang’s company is currently working on Chicago’s Vista Tower skyscraper. Its 7,000 sq ft penthouse is on the market for $17.1m. |
| London’s twin towers: another of Wang’s luxury projects is the One Nine Elms development where the billionaire is planning to build two skyscrapers overlooking the Thames. One bedroom flats there reportedly start at £795,000. Boris Johnson has described the project as a “cracking deal”. | London’s twin towers: another of Wang’s luxury projects is the One Nine Elms development where the billionaire is planning to build two skyscrapers overlooking the Thames. One bedroom flats there reportedly start at £795,000. Boris Johnson has described the project as a “cracking deal”. |
| A ship builder: in 2013 Wanda purchased Sunseeker, the British luxury yacht manufacturer behind the vessel seen darting across Italy’s Lake Como in the James Bond film Quantum of Solace. | |
| An art collection: Long known for his extensive collection of Chinese art and jade, in 2013 Wang shelled out $28.2m to buy Picasso’s Claude et Paloma at auction in New York. Two years later he paid $20.4m for a Monet. | An art collection: Long known for his extensive collection of Chinese art and jade, in 2013 Wang shelled out $28.2m to buy Picasso’s Claude et Paloma at auction in New York. Two years later he paid $20.4m for a Monet. |
| “China’s Hollywood”: Wang’s team is currently working on a 500-acre film complex near the Chinese city of Qingdao. The Qingdao Oriental Movie Metropolis, for which $8.2bn has been earmarked, has been dubbed the Hollywood of the East. | “China’s Hollywood”: Wang’s team is currently working on a 500-acre film complex near the Chinese city of Qingdao. The Qingdao Oriental Movie Metropolis, for which $8.2bn has been earmarked, has been dubbed the Hollywood of the East. |
| A Parisian theme park: in February Wanda said it would plough €3bn into EuropaCity, an 80-acre entertainment complex near the French capital featuring nightclubs, restaurants, concert halls and a “snow park”. “For us, it is the most important outside of China,” Wang said. | A Parisian theme park: in February Wanda said it would plough €3bn into EuropaCity, an 80-acre entertainment complex near the French capital featuring nightclubs, restaurants, concert halls and a “snow park”. “For us, it is the most important outside of China,” Wang said. |
| Edificio España: in 2014 Wang shelled out €265m on the Madrid skyscraper, unveiling plans to transform it into a luxury hotel and shopping mall. | Edificio España: in 2014 Wang shelled out €265m on the Madrid skyscraper, unveiling plans to transform it into a luxury hotel and shopping mall. |
| “China’s Disney”: in May this year Wang opened “Wanda City”, a $3bn theme park and leisure complex, in the south-eastern city of Nanchang. Wang says he has plans for more than a dozen more such parks. | “China’s Disney”: in May this year Wang opened “Wanda City”, a $3bn theme park and leisure complex, in the south-eastern city of Nanchang. Wang says he has plans for more than a dozen more such parks. |
| A La Liga club: in 2015 Wang announced he had snapped up a 20% stake in one of Spain’s top football clubs, Atlético Madrid. | |
| A Hollywood studio: In January Wanda bought Legendary Pictures, the production house responsible for Godzilla and Jurassic World, for $3.5bn. Recent reports suggest Wang is now seeking to buy a 49% stake in Paramount. |