The wealthiest man in China needs to find an heir to his $122 billion empire after his son told him he does not want to live a life like that.
Wang Jianlin, founder and chairman of Dalian Wanda Group, said his only son, 28-year-old Wang Sicong, doesn’t want to take over his shopping centres, hotels, theme parks and sports clubs.
‘I have asked my son about the succession plan, and he said he does not want to live a life like mine,’ Wang, 62, told an entrepreneurs summit over the weekend.
The transcript of the speech published on the Wanda group website was translated from Chinese by South China Morning Post.
‘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.
Wang Sicong is a director at his father’s empire, with a 2 per cent stake, South China Morning Post reported.
He founded Prometheus Capital in 2011 and has made investments in Invictus Gaming, Dining Concepts Holdings.
In May last year, the son bought two Apple Watches for his dog, called Wang Keke, who wears them both on his front legs.
Pictures of the dog wearing the smart watches were posted to Weibo, China’s answer to Twitter.
In a country with a fast widening wealth gap, the pictures quickly caused outcry. Apple Watch sells between £820 and £1,300 in China, which is more than the monthly salary of an average office worker in big cities.
Sicong has 21 million followers on Weibo, while his dog has its own account.
The son went to school in Britain and studied philosophy at the University College London.
SOURCE: RACHEL EDDIE