Nina Wang

  • 23 Apr 2007 at 10:48 AM
  • IPO

China’s new richest person, courtesy of Country Garden

yang country garden.jpg As of last Friday, Asia has a new richest woman, and she’s completely alive. Yang Huiyan, the daughter of Yang Guoqiang, founder of Guangdong property developer Country Garden Holdings Co., is now worth more than twice the formerly living Nina Wang, who left her $4.2bn to feng shui proponent Chan Chun-cheun. Guoqiang gave his Country Garden shares to Huiyan in 2005, giving her around 60% ownership of the company worth about $9bn after Friday’s IPO. According to the extremely reliable and complete accounts in Chinese media, Guoqiang started out as a poor farmer in the city of Foshan. He moved to construction work and married a bricklayer. Then he moved to real estate in the early 1990s and grew a billion dollar corporation. It’s just that easy. We couldn’t find any pictures of Huiyan, so imagine her father, shown here, with a wig.
Country Garden raised $1.6bn in its IPO on the Hong Kong Stock Exchange, about as much as Google in 2004. Morgan Stanley and UBS were involved in the deal.
China Adds Billionaires With I.P.O. – [DealBook]
Woman tops rich list after IPO – [ChinaDaily]

  • 20 Apr 2007 at 1:59 PM
  • Nina Wang

Who wants to be a sole beneficiary?

nina wang mobile.jpg The winner of Nina Wang’s $4.2bn estate is businessman and walking nomenclatural permutation Chan Chun-cheun (nickname “Chon”). Nina Wang is Asia’s richest dead woman and widow of prominent chemical mogul Teddy Wang, who was kidnapped in 1990 and never seen again. The estate debate is likely to continue, as the stewards of Wang’s charitable trust are still claiming that Wang wanted the money to go to charity. From Yahoo (China):

The day after her funeral two wills [Wang] allegedly wrote in 2002 and 2006 were published separately in Next Magazine and its sister Apple Daily publication. The 2002 document said Wang’s fortune would go to her charitable trust. But the later version named her personal fortune teller, Chan Chun-chuen, as the beneficiary.

Chan’s Dickensian lawyer Jonathan Midgely claims Chan is the sole beneficiary of Wang’s estate, primarily because Chan ‘understood Wang’s personal philosophy,’ which Midgely comments, “was no Critique of Pure Reason, that’s for sure.” Instead, Wang’s personal philosophy was set it, and forget it feng shui, which is “the Chinese belief that a person’s luck and health can be improved by the positioning of items to channel natural energy.” The positioning of $4.2bn in assets can indeed improve luck and health, whereas the jury’s still out on sand and smooth rocks.
This is not the first time Nina Wang has been involved in estate matters. After her husband Teddy was formally declared dead in 1999, there was doubt as to the beneficiary of Teddy’s estate, due to rumors of Nina’s infidelity that circulated before Teddy’s kidnapping.
The picture (see more here), or the world’s most amazing shaggin’ wagon, is from Wang’s blowout Catholic funeral on April 18, decorated by celebrity florist James Wong.
Wang’s riches ‘for feng shui man’ – [BBC]
Lavish funeral planned for stingy Hong Kong tycoon – [The Nation]