China’s richest man, owning a USD 92 billion empires, on Monday, said he is looking for a successor, most likely from a group of professional managers, to take over his business after his son declined to be his heir apparent.
Wang Jianlin, 62, founder and chairman of Dalian Wanda Group Co, whose business includes shopping malls, theme parks, sports clubs and cinemas, said he is most likely to pick from a group of professional managers to take over the running of his business.
“I have asked my son about the succession plan, and he said he does not want to live a life like I do,” Wang was quoted as saying by Hong Kong’s South-China Morning Post at China Entrepreneurs Summit.
“Perhaps young people have their own quests and priorities. Probably it will be better to hand over to professional managers and we sit on the board and see them run the company,” he said.
The wealthy scions of China’s billionaire entrepreneurs, known as funeral are increasingly striking different paths, as more than three decades of breakneck economic growth and overseas education has given them different experiences, worldview, and aspirations from their parents.
More than 80 percent of Chinese heirs are not keen on assuming the reins of their parents’ businesses, a survey by the Shanghai Jiaotong University, covering 182 of the country’s top family-run companies said.
Some were backing off due to intense pressures, while others simply were pursuing other career interests, the study by the association of Chinese private enterprises showed, the Post report said.
Wanda, founded in the port city of Dalian in 1988, is the epitome of China’s rags-to-wealth story, where it grew from a small property developer into a conglomerate operating malls, hotels, theme parks and the world’s largest chain of movie cinemas.
Via – Free Press Journal