fbpx
Connect with us

News

Son Of Richest Man In China Declines Taking Over Family Business

monkey-2

Published

Son-Of-Richest-Man-In-China-Declines-Inheriting-The-Family-Business-World-Of-Buzz

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

It is recently revealed by studies that only two in every five of China’s second-generation rich, or “fu er dai”, is keen to take over their family business. That’s a whopping 60% of kids who decline continuing the family’s company!

What Exactly Happened To China's Wealthy Second Generation? - World Of BuzzSource | Wang Jianlin

It has recently come into spotlight that China’s richest man Wang Jianlin, plans to hand his RM408.5 billion business empire to professional managers because his only child Wang Sicong doesn’t seem to be interested to follow in his father’s footstep.

Mr Wang, founder and chairman of conglomerate Wanda Group said:

“As everyone is already aware, I’ve asked my son and he said he doesn’t want to live a life like mine.”

This is the second time the tycoon commented on the matter publicly, highlighting his decision.

“Perhaps it’s better to hand it to the professional managers,” Wang said. ”We could guide them from the board above”.

He also assured that the board would not set eye on a particular candidate and would instead be selecting someone from the competition.

It was held that family businesses make up 90% of China’s private enterprises. There could be as many as three million businessman facing the succession problem in the next five to ten years as the first generation businessman reaches retirement age.

What Exactly Happened To China's Wealthy Second Generation? - World Of Buzz 1Source | Wang Sicong

Wang Sicong, is the only son of mogul Wang Jianlin. He is notorious for his outrageous spending, including buying gadgets for his dog, Coco – he bought her 8 iPhone 7s! And here we are, slaving away at work, not being able to even afford one.

Despite spending lavishly, Wang Sicong has made quite a reputation for himself.

He is currently a director at the Wanda Group, where he owns 2% stakes valued at  RM8.18 billion.

He is also the founder of Invictus Gaming, a professional “e-sports” gaming team, famed for being one of the best gaming team around. The 29-year-old is also an internet celebrity in China with more than 21 million followers on his weibo account.

What Exactly Happened To China's Wealthy Second Generation? - World Of Buzz 2Source | Wang Jianlin and Jack Ma

While some netizens expressed their sympathy that the family business cannot be inherited, others feel that it is indeed better to have professional managers handle it, making sure the company doesn’t go down in flames!

All in all, netizens pointed out that China’s ‘one child’ policy had resulted in this situation.

What are your thoughts on the declining interest for second-generations to inherit the family business? Is it better for them to be noble and succeed the family name? Or should it be left to the professionals to run it?

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Feat-Image-Ganu-Dun-3 Feat-Image-Ganu-Dun-3
News2 months ago

Did You Know: The Terengganu Exco For Women’s Affairs is a Man & No Female Ever Held The Position

Despite women making up the majority of registered voters in Malaysia with 10,622,151 or 50.3% in the 15th General Election...

Collage-18-52 Collage-18-52
News2 months ago

SG Driver Smashes M’sian Driver’s Rear Window With Golf Club on Expressway, PDRM Investigates

Driving is sometimes about patience, especially when you encounter a situation that grinds your gears but there is never a...

Poop-On-Everest Poop-On-Everest
News2 months ago

Mount Everest Climbers Will Now Need to Buy Poo Bags & Bring Their Faeces Back When Descending

Scaling mountains means that an individual has limited things that they can bring and will be in nature for the...

Fireworks-Cannot-After-Midnight-1 Fireworks-Cannot-After-Midnight-1
News2 months ago

PDRM: Public Advised Not to Play With Fireworks After 12am or Risk Facing Action

As with all festivities, firecrackers are a hot item, and many love to play with them, especially at night. PDRM...

Collage-3-155 Collage-3-155
News2 months ago

KTMB Introduces Open Payment System at 80 Stations via Apple Pay, Debit Cards & More!

Keretapi Tanah Melayu Berhad (KTMB) Komuter is gearing up to introduce support for the open payment system across 80 stations...

My-Post-1-2024-02-09T151501-148 My-Post-1-2024-02-09T151501-148
News2 months ago

This M’sian-Owned London Megastructure Has Been Named Among World’s Best Cultural Spots!

National Geographic recently released its newly expanded Best of the World 2024 guide that shares superlative experiences, hotels, restaurants, and...

Collage-1594 Collage-1594
News2 months ago

Cheras Man Bags Nearly RM11 Million Jackpot for Magnum 4D With Lucky Numbers 7474 & 3964

You’ll never know what luck awaits you and if it’s yours, it’ll be yours no matter where you go. A...

My-Post-1-2024-02-09T124559-609 My-Post-1-2024-02-09T124559-609
News2 months ago

Pet Dog in Penang Dies After an Alleged Drunk Person Slashed it Because it Apparently Bit Them

Disclaimer: Graphic content. Viewer discretion is advised. Being a dog owner can be a tricky situation. You have to train...

Announcement

Latest Videos



TRENDING TODAY