S
henzhen’s Yao Zhenhua was barely known in much of
China before an insurer he controls last year started
to accumulate shares in one of the country’s most
prominent property developers,
China Vanke. Vanke’s founder and
chairman, Wang Shi, in contrast to
low-profile Yao, is regarded as one of
the real estate industry’s wisest sages
and does product endorsements.
In hindsight it’s easy to see
why Vanke was attractive to Yao’s
Baoneng Group, which now owns
25% of the company’s stock and is
its biggest shareholder. Even after
doubling in the past year on the
acquisition move, Vanke trades at
what by Chinese standards is a pal-
try 15 times earnings. It was China’s
biggest residential developer in
2015 by sales, which rose a third
from a year earlier to $29 billion. Besides China, Vanke
has projects in San Francisco, Hong Kong, Singapore, New
York City and London. Good returns on the Vanke invest-
ment and a bull market in China property have helped Yaoto rank No. 10, with an estimated $9.5 billion fortune.
Yao, 46, founded Baoneng in 1992 as a retailing business
after graduation from South China University of Technol-
ogy with a double major in industry
management and food engineering.
Today Baoneng Group has more than
40 shopping malls around China.
The group is also in logistics and
health care.
Vanke, founded in 1988, has
fought Baoneng’s takeover at-
tempt by trying since July to
bring in the Shenzhen city gov-
ernment as a big investor. That
hasn’t been approved by regula-
tors, and Vanke says that despite
recent gains the uncertainly about
the future is afecting its business.
Other buyers continue to be
interested in buying Vanke shares,
which may help Yao get an even better return. One of the
biggest buyers is Evergrande Group, led by billionaire
Hui Ka Yan, which purchased a 7% stake this year.
—R.F. and M.C.CHINA’S 100 RICHEST
FORBES ASIA- Hui Ka Yan
$9.8 BILLION S
SOURCE: REAL ESTATE
AGE: 58. MARRIED, 2 CHILDREN
RESIDENCE: GUANGZHOU
The fortune of the developer climbed this year
amid big increases in real estate prices in the
country’s biggest cities. His group launched 81
real estate projects last year. In July Evergrande
Real Estate Group changed its name to China
Evergrande Group to reflect its diversification
into health care, finance and tourism. In
September Evergrande said it would sell some
smaller businesses, including grain and oil, dairy
products and springwater firms.
SUP TDOWN WXUNCHANGED ÌNEW TO LIST 3 RETURNEE IMAGINECHINA
- He Xiangjian
$11.4 BILLION S
SOURCE: APPLIANCES.
AGE: Ĉąċƫ
Čƫăƫ
RESIDENCE: FOSHAN
Entrepreneur built Midea Group into one of
China’s largest appliance makers, then stepped
down from operations in 2012. In June Midea
bought 80% of Toshiba’s moneylosing home-
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5 Čƫ
the company also boosted its stake in German
industrial-robot firm Kuka from 13.5% to a
.!,+.0! ƫĊĆŌČƫ, 5%#ƫ)+.!ƫ0$ ƫĸąƫ %((%+*ċƫ$!ƫ
deal drew some concern about the transfer of
advanced technology to China. - Robin Li
$12.6 BILLION S
SOURCE: INTERNET SEARCH
AGE: 46. MARRIED, 4 CHILDREN
RESIDENCE: BEIJING
The CEO of Internet-search leader Baidu had a
tough year. Baidu faced negative publicity over
inefective drugs sold on its medical sites; Li was
criticized for trying to buy Baidu’s popular iQiyi
video channel at a bargain-basement price from the
publicly traded company (the plan was dropped);
and net income fell 34% in the second quarter from
the prior year. Yet Li’s fortune, buttressed by Baidu’s
/0+ 'ƫ,.% !Čƫ$ /ƫ% .! /! ƫ".+)ƫĸāĀċąƫ %((%+ƫ( /0ƫ 5 ! .ƫ
amid the belief that the company is addressing some
of its weaknesses. Li was surpassed in the ranks this
year by online-game tycoon William Ding (No. 5).
RISING FACES
Food Engineer Hungry for Vanke
Yao ZhenhuaBY BUILDING LASTING RELATIONSHIPS WE HAVE
ACCOMPANIED MANY FAMILIES OVER GENERATIONS.