Appliance retailer tops list of wealthiest
By Vicki Kwong (Bloomberg News)
Updated: 2005-10-13 06:44
Huang Guangyu, the chairman of Gome Electrical
Appliances, is China's richest man for a second consecutive year, with a fortune
of $1.7 billion, according to an annual ranking of the country's wealthiest
The 36-year-old founder of the biggest home-appliance
chain in China has increased his wealth by 30 percent in 2005 from $1.3 billion
in 2004 after selling shares in the Hong Kong-listed company, Rupert Hoogewerf,
a Shanghai-based researcher who compiles the China Rich List, said Tuesday. The
number of billionaires rose to seven from three.
Yan Jiehe, 45, head of
the privately owned China Pacific Construction Group, ranked second this year
after increasing his fortune more than sevenfold to $1.5 billion. Chen Tianqiao,
32, founder of Shanda Interactive Entertainment, based in Shanghai, was third
with $1.45 billion.
Huang, known in Hong Kong as Wong Kwong-yu, left
Guangdong Province at age 18 with a bag of cheap plastic home appliances and
rented a market stall in Beijing. Gome, which operates 188 shops in 42 Chinese
cities, said net income rose 176 percent last year to 458 million Hong Kong
dollars, or $59 million. Huang also invests in real estate.
former student at Fudan University in Shanghai, scraped together 500,000 yuan,
or $60,000, with friends to co-found Shanda in 1999, aiming to create online
computer games for China's 100 million-plus teenagers.
William Ding, 34,
founder of NetEase.com, rose to fourth place from seventh. Xu Rongmao, 55, owner
of the Shanghai-based property developer Shimao Group, ranked behind
The average wealth of the top 100 on the list soared 48 percent to
$440 million, from $297 million in 2004, the report said. Larry Yung, chairman
of the Hong Kong-listed Citic Pacific, slipped to sixth place from third, even
as his fortune climbed to $1.1 billion from $1 billion.
Most on the list
made their money in real estate, manufacturing, information technology and