China’s Richest Son Doesn’t Want His Dad’s $91.7 Billion Empire

December 14, 2016

Wang Sicong, the son of China’s richest man, has no interest in taking over his father’s 634 billion yuan ($91.7 billion) business someday.

That seems to be one fact Wang Jianlin can live with, at least for the meantime. Speaking at the China Entrepreneur Annual Meeting on Saturday, the Dalian Wanda Group CEO said:

“For the issue of the successor, as of now, I have asked my son. He has said that he isn’t willing to live the kind of life I live. Perhaps young people make their own choices, but I think there is still time to consider this issue.”

Having arguably controversial interests, Sicong’s future remains yet to be seen, but his $516.7 million investment in Shanghai’s first seven-star hotel could indicate that he’s not headed to film or TV like his father.

Without an heir of kin to his billion-dollar empire, Jianlin and his company are preparing:

“Our company professional managers also have a reserve team. It may be better to hand over to the professional managers. We have seen what they’re doing from the board level, and it is not a bad choice. We have many professional managers to choose from. We have five industry groups. Those are the future successors, of which only one can be chosen.”

As to how the lucky heir will be selected, the Wanda chairman has decided:

“We will not choose anyone deliberately, but shall see who that person is through competition. Deliberate cultivation would not necessarily be good; competition bringing someone forward is better.”

That sounds like a good plan, after all.

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