China's richest man is now Wang Jianlin, owner of China's biggest commercial land developer, Dalian Wanda Group, according to the Bloomberg Billionaires Index.
Mr. Wang has a net worth of $14.2 billion, $3.2 billion richer than Zong Qinghou, founder of Hangzhou Wahaha Group, China's No. 3 beverage maker, Last year, Mr. Jianlin's company purchased AMC Entertainment Holdings Inc. for $2.6 billion.
"Wanda leads Chinese enterprises in expanding its business globally and catering to consumers' demand at home with some high-profile acquisitions," Kenny Wu, a Hong Kong-based analyst at Ji-Asia Research Ltd told Bloomberg. "Wang's move to diversify from Chinese real estate seems rewarding."
Mr. Jianlin owns 100 percent of Dalian Wanda Group, according to Bloomberg. The group has assets worth $48 billion and an annual income of $23 billion. The company operates 71 shopping centers called "Wanda Plazas," 38 five-star hotels, 6,000 cinema screens, 57 department stores and 63 karaoke outlets across the country, according to the company's website.
Dalian Wang's second-largest asset is his 100 percent stake in the Wanda Department Store Co. chain, which is valued at $5.6 billion.
Last month the group announced the purchase of development site in London to build a £700 million hotel and residential tower project. In June, the group purchased the U.K. yacht builder Sunseeker for $1.6 billion.