How did Wanda founder Wang Jianlin escape the wave that swept away embattled Evergrande property tycoon Hui Ka Yan?
- Rise and fall of Wang Jianlin and his Wanda Group empire is an archetypal story of how a major private business drifts along China’s economic tides and policy cycles
- But Wang’s proactive moves ensured he and Wanda did not have the same fate as Hui Ka Yan, the embattled founder of indebted real estate developer Evergrande Group
Eight years ago, when asked during a television interview for advice on how to become a billionaire, Wang Jianlin – then China’s richest man – gave an answer that is still frequently quoted today: “First you set a small goal that’s achievable, for example, earning 100 million yuan.”
Over the years, however, Wang has lost more than 1,800 “small goals” after seeing his estimated wealth shrink from 215 billion yuan in 2016 to 30 billion yuan (US$4.1 billion) in 2023.
In the meantime, the Wanda Group empire he built has scaled down from a conglomerate with a lofty global footprint to a domestic-focused company that is mainly engaged in commercial property after it sold a slew of assets to clear its huge debt.
The rise and fall of Wang and his company is an archetypal story of how a major private business drifts along China’s economic tides and policy cycles.
“It’s a very good case to look at, as it survived multiple adjustments in China’s property sector and avoided the fate of many other companies,” said Tang Dajie, a researcher at the Beijing-based China Enterprise Institute think tank.
That speed was just phenomenal. I was blown away by that
