While most people can’t wait to inherit their father’s empire, the only Son of Wang Jianlin, China’s richest man, says he is not interested in inheriting his father’s $122bn business empire.
With the excuse of not wanting to live a life like that of his father, Wang Sicong has put Wang Jianlin in a position where he is now in search of an heir.
Speaking at an entrepreneurial summit, Wang Jianlin, founder and chairman of Dalian Wanda Group, said his only son, 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. 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.
According to South China Morning Post, Wang Sicong is a director at his father’s empire, with a 2 percent stake. He founded Prometheus Capital in 2011 and has made investments in Invictus Gaming, Dining Concepts Holdings.
Recall that in May last year, Sicong made the news after he bought two Apple Watches for his dog, called Wang Keke, who wears them both on his front legs.
He also bought 8 iPhone 7s for the same dog, in a bid to show off his wealth. The pictures when shared online, caused an outcry from many Chinese and people across the world.
Sicong schooled in Britain and studied philosophy at the University College London and according to a survey by Shanghai Jiaotong University, more than 80 percent of Chinese heirs have shown no interest in inheriting their parents businesses.
According to the survey, some of them were backing off due to intense pressures, while others simply were pursuing other career interests, another study by an association of private enterprises in the mainland showed.
Obviously, Wang Sicong is not alone in this decision.