Thursday, September 22

"Dirt poor" to $ 9.3 billion: meet China's richest man

SHANGHAI - Forbes current rankings of the richest Chinese pits crude industrial muscle against high-tech, pipping his head an Earth company co-founder of the nation largest Internet search engine for the top spot.

Liang Wengen, the Chairman of Sanya heavy industry, came at the top of Forbes Asia magazine China rich list published on Thursday, a day after the rival Hurun rich list the top spot, the magnates was, whose company earth movers, pile drivers, concrete mixer making switching on the country's urban.


Forbes Liang's wealth estimated at $9.3 billion.

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"This is a remarkable story people grow up dirt in Changsha, Hunan province, and by a group of people, seven of which on the Forbes China rich list, including four billionaires, always poorly", said Russell Flannery, a senior editor at Forbes, oversaw the compilation of this year's list.


Along with Liang, three other entrepreneurs Sanya are associated with, on the list: Tang Xiuguo, of Xiang Wenbo Mao Zhongwu. Liang, Mao, and Tang were all founders of the company.


Public jealousy
But Flannery said increasing numbers of China's newly rich asked be kept, from the list public jealousy and official, the prosperity in this country can bring the fears about the, which is still run by a Communist Party.

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Several have members of the formerly rich lists high-flying once in prison, including Huang Guangyu, the founder of Gome Electrical Appliance landed holding Ltd and Shanghai property Tycoon Zhou Zhengyi.


"Think more people from the list are left to this year, as in the last few years, and I a reflection in a bit of a change in Chinese society just now," Flannery said.

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Others the Forbes top ten included Liu Yonghao, an agro industrial magnates and more property investors.


SANY's success reflects in part the rapid growth of China's high-quality added manufacturing over the last decade with exports of manufacturers of expensive engineering products to support faster than low-value goods such as toys and construction. SANY is based in Changsha, the capital of Hunan in the People's Republic of China.


"We have seen a structural change in Chinese exports, which began some years ago." Looking at export annual growth from 2003-2008, you will see, that the low value were not growing rapidly - usually single digit or a maximum low teens. "High-quality grow with 40-50 percent", said David Lee, a China-based partner with Boston Consulting Group, industrial products specialized.


The company says that it has more than 60,000 employees and a turnover of 50 billion yuan last year. Despite the gloomy picture of Earth equipment, which also says companies, it channels at least 5 percent, the revenue in research and development and has manufacturing facilities in the United States, Germany, India, and Brazil.


Forbes gave Robin Li, founder of the dominant search engine Baidu, China second place, who said the magazine had personal assets of around USD 9.2 billion. Li could have taken the top spot, if it is listed for the volatility of the stock markets in the United States, in Baidu.


All in all Forbes estimated that China's crop of billionaires from 126 last year 146 now grew.


Copyright 2011 Thomson Reuters.

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