The Richest man in China, Wang Jianlin, founder and chairman of Dalian Wanda Group is in search of an
heir to his $122 billion empire as his 28 year old only son, Wang Sicong has refused to take
over his business, saying he does not want to live a life like that of his
father.
Speaking
at an entrepreneural summit in China over the weekend, Wang said
‘I have asked my son about the succession plan, and he said he does not
want to live a life like mine. Perhaps young people have their own quests and
priorities. Probably it will be better to hand over to professional managers
and have us sit on the board and see them run the company,’ Wang said.
In May last year, Sicong made headline news after he bought two Apple Watches for his dog, called Wang Keke, who wears them both on his front legs. The pictures when shared online, caused an outcry from many Chinese.
Apple Watch sells between £820 and £1,300 in China. The son went to school in Britain and studied philosophy at the University College London. More than 80 per cent of Chinese heirs have shown no interest in inheriting their parents businesses, according to a survey by Shanghai Jiaotong University, covering 182 of the country’s top family-run companies.
According to the survey, some of them were backing off due to intense pressures, while others simply were pursuing other career interests, another study by an association of private enterprises in the mainland showed.
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