Didi goes abroad

China Daily (Canada) - - FRONT PAGE - ByWANG ZHUOQIONG wangzhuo­qiong@ chi­nadaily.com.cn

Didi Kuaidi, China’s largest mo­bile ride-book­ing com­pany, has made its first move over­seas by in­vest­ing in a taxi-hail­ing ser­vice that op­er­ates across South­east Asia.

Prop­erty ty­coonWang Jian­lin from theChi­nese main­land over­took Hong Kong’s Li Ka-shing as the rich­est man in China, with a per­sonal for­tune of about $42.6 bil­lion, a new rank­ing said onWed­nes­day.

Ac­cord­ing to the latest data from Hu­run Re­search In­sti­tute, bil­lion­aires from the Chi­nese main­land ac­counted for about 79.5 per­cent of the Hu­run Global Chi­nese Rich List 2015, fol­lowed by 6.3 per­cent from Hong Kong and 4.9 per­cent form Tai­wan.

Spread across more than 18 coun­tries and re­gions, Hu­run’s re­search said there were 1,577 in­di­vid­u­als with per­sonal wealth in ex­cess of 2 bil­lion yuan ($312.6 mil­lion), and of this 302 were from out­side the Chi­nese main­land.

To­tal wealth of these in­di­vid­u­als comes to a stag­ger­ing $2.1 tril­lion, which is equiv­a­lent to the GDP of Rus­sia, or 1.5 times that of South Korea.

Ru­pert Hoogew­erf, chair­man and chief re­searcher of the Hu­run Re­port, said: “A decade ago, the most suc­cess­ful Chi­nese were those out­side the Chi­nese main­land. To­day that has changed com­pletely, with en­trepreneurs like Wang Jian­lin of Wanda chart­ing a new­path.”

Ben Caven­der, prin­ci­pal at China Mar­ket Re­search Group, said: “Chi­nese en­trepreneurs have be­come more suc­cess­ful over the years and many of their busi­nesses have got high val­u­a­tions af­ter they ex­panded abroad.

“The new wave of Chi­nese bil­lion­aires are very clever and busi­ness savvy. They will change their man­age­ment ideas and growth strate­gies quickly,” he said.

The re­cent list­ings of Wanda’s real es­tate and cin­ema busi­nesses have helped drive Wang’s wealth, ac­cord­ing to Hu­run’s re­search.

Hong Kong real

es­tate mogul Li Ka-shing, 87, came in sec­ond with per­sonal for­tune of $32.8 bil­lion. Li has also in­vested heav­ily in the United King­dom.

Alibaba Group Hold­ing Ltd’s Jack Ma, 51, was thir­drich­est man with a wealth of $27 bil­lion.

The Chi­nese main­land had 1,254 bil­lion­aires with to­tal wealth of $1.4 tril­lion. Bei­jing has the high­est con­cen­tra­tion of bil­lion­aires — 181, fol­lowed by Shen­zhen with 111.

All the bil­lion­aires on the Chi­nese main­land are self­made while the ra­tio is only 67 per­cent in­HongKong, Tai­wan andMa­cao.

About half the non-main­land Chi­nese on the list have their ori­gins in Guang­dong and Fu­jian prov­inces. Bil­lion­aires with ori­gins on the Chi­nese main­land are dom­i­nated by those from Zhe­jiang province.

Caven­der said chal­lenges still re­main for Chi­nese bil­lion­aires to do busi­ness over­seas and it is im­por­tant for them to change their cul­tural mind­set and hire top in­ter­na­tional tal­ent in the mar­kets they are plan­ning to en­ter.

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