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More Chinese Billionaires Come From This Guangdong Town Than Anywhere Else

Posted: 08/26/2014 7:02 pm

billionaire birthplaceWe know wealth is accumulating in China faster than anybody thought possible, but where do these billionaires come from? The answer might surprise you.

A study jointly published by English business magazine Spear’s and financial consulting company Wealth Insight has listed the cities which spawned the most number of billionaires. Beijing isn’t on the list at all, and Shanghai turns up with five born-and-raised billionaires. But the top city in Mainland China? Foshan, in Guangdong Province.

It tied with Hangzhou for top spot in Mainland China, but both were behind Taipei (eight billionaires) and way behind Hong Kong with its 17.

Globally, it may come as no surprise that New York finished first.

billionaire birthplace

While there might be something in the water in Foshan, it has a long way to go before it gets near New York’s crown. One in every 21 New Yorkers is a millionaire, a ratio not likely replicated in the PRD anytime soon.


Photos: Business Insider


“Ultra Rich Asian Girls” To Star In New Canadian Reality Show

Posted: 06/5/2014 1:05 pm

ultra rich asian girls

Flaunting your wealth will now be easier than ever for Chinese immigrants. A reality television show tentatively titled HBICtv: Ultra Rich Asian Girls is currently seeking participants that are, presumably, ultra-rich, Asian, and are girls.

Based in Vancouver, Canada, the proposed show features a demo video with Mandarin-speaking women who bicker among themselves as they buy stuff and complain while doing it, reports WSJ Chinese Real-Time.

Producer Kevin Li told the WSJ that Vancouver’s changing demographics were his inspiration after noticing the influx of wealthy immigrants from mainland China lay down roots in the west coast city. Li said, “There aren’t many positive Asian representations in the media. I have a chance to put a different perspective.”ultra rich asian girls

Li hopes to keep the focus of this show on Chinese women in order to attract a market in both Canada and China, two locales that presumably don’t have enough flaunting of wealth nor positive depictions of Asians.

It may be strange to see an ultra-rich reality show participant drinking pink champagne straight from the grip of the bottle in the demo, but that must be a force of habit, we presume.

Photos: screenshots via Youtube


Foshan Grooms Second Generation Rich As Next Captains of Industry

Posted: 05/29/2014 8:56 am

The cost of helping this year’s estimated 8 million Chinese university graduates find a job is very high, and it seems Foshan has decided it’s more economical to focus on a select minority—namely, the fuerdai (富二代), otherwise known as the second generation of China’s rich, in order to get them ready to take over their rich fathers’ legacy and start contributing to Foshan’s economy.

A seminar with the trainees. Photo credit: Nandu

And who better to make this decision than Foshan’s own Organisation Department, the same body in charge of personnel arrangements within the Party, government and SOEs.

The city’s private sector contributes RMB 400 billion to the city and accounts for more than 60% of its GDP. However, the heirs of these companies are reluctant to inherit their fathers’ businesses, reported the Beijing Morning Post.

What compounds the situation is that according to the department’s survey of 812 fuerdai personnel, 21.6% of them are overseas passport holders and 77.4% of them are non-Party members. Nationwide, only about 40% of the rich successors are willing to take over their fathers’ mantle, while Shunde’s successful succession rate was slightly higher at 60%, but those who did are mainly forced by their ageing fathers, the report said.

These rich kids aren’t interested in being given a job that pays well, and in which you get to own a company to boot. Rather, the root of the succession problem has been described as their lack of faith in the Party and not having the sense of duty to contribute for the better of the society as their fathers did—you know, by serving as a CEO of a corporation. “If we fail to strengthen their education, all the capitals and human resources will flow to the foreign countries,” an unnamed official told the newspaper.

Therefore, the department organised a six month on-the-job training program for 48 fuerdai born between the 70s and 90s at state companies. The training started in November last year and ended in May.

And the training isn’t necessarily difficult. Feng Zhijun, a 34-year-old fuerdai and one of the trainees, finally learned that the trick to succeeding in business in China after 10 years abroad is warm greetings to the head boss. “When I first returned to China, I found it hard to adjust. I wouldn’t say hello or greet my superiors when I saw them.” Feng was reprimanded by his chairman father who said: “You’re acting like you will never survive here”.  Now, Feng is the general manager of an alsphalt company in Foshan. I guess he did learn it after all.

Jiangsu Province in coastal China ran a similar program several years ago with some 1,000 fuerdai, but the results were “not ideal”, the newspaper said. Liu Yuanxin, the official at the organisation department, said the program in Foshan is only a pilot scheme and could be abandoned if it suffers the same fate as Jiangsu.

But so far, he said more than 100 fuerdai have signed up for the second training program. Hopefully, they too will learn the trick to business is a warm hello.

Home page: Sohu 


Guangzhou cracks down on parents who force their kids to beg for money

Posted: 03/13/2013 11:34 am

Parents in Guangzhou who force their kids to beg for cash could soon find themselves without their offspring.

Officials in Guangzhou are threatening to take children out of the care of parents if they continue to turn their kids into beggars, it was announced on Monday.

Under a proposed legal revision, rescue shelters will be able to refer cases to judges if they are concerned about a child’s welfare, and courts have the power to appoint new custodians. The legal framework provides firm protection for minors.

Image Credit: ChinaSMACK

Small children begging is a common occurrence in China. Foreigners, in particular, are targets for their perceived wealth as children use their hands or tin plates to indicate a ‘need’ for help. Often, they walk alongside or get in contact with their targets to entice a sympathetic reaction. Taojin in Guangzhou has become a notorious hotspot for this practice.

Experts have praised the move to protect children, but warn taking children away from their parents should only be done as a last resort and courts must be compassionate  before issuing judgment.

Zhang Wenjuan, a lawyer specializing in legal aid services offered to minors, tells the Global Times:

“Custody disqualification should be a last resort,” said Zhang. “Government departments and agencies should provide compassionate services and intervene before finally proceeding to that stage. Authorities should be fully informed of the reason why parents take their children to beg, offer a training session on how to take good care of their children, and supervise parents’ behavior to see whether a disqualification is truly needed.”

Significantly, children housed in shelters will qualify for education as any other child would. Children in one of these centres for more than two years will be transferred to government agencies, put up for adoption, or housed in orphanages.

The tough new measures are designed to clean up the streets, and indeed, enforce the city slogan “Civilised Guangzhou”.

Source: Global Times

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