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Hotpot king Zhang Yong shoves aside real estate magnates as Singapore’s richest man
29-08-2019, 06:45 PM.
Post: #1
Hotpot king Zhang Yong shoves aside real estate magnates as Singapore’s richest man
China’s hotpot king Zhang Yong shoves aside real estate magnates as Singapore’s richest man
* Zhang Yong, a new citizen of Singapore takes the No 1 spot in Singapore from Sino Land’s Ng Brothers, says Forbes Asia
* The move to Singapore could foreshadow a migration of wealth from Hong Kong to Singapore amid concerns over Hong Kong’s political stability

Ryan Swift  
Published: 2:41pm, 29 Aug, 2019

Zhang Yong, mainland China’s “hotpot king,” has displaced a couple of property developers as Singapore’s richest man according to Forbes Asia’s latest listing, as a doubling in the stock price of Haidilao International Holdings bolstered his wealth.

Zhang, who was on the China rich list last year, has since become a naturalised Singaporean citizen. His debut at the top of Singapore’s rich list displaces Philip and Robert Ng, who own property developer Far East Organisation and Hong Kong’s Sino Land, for the No 1 spot.

The Ng brothers, with a combined wealth estimated at US$12.1 billion, had been Singapore’s wealthiest people every year this decade, according to Forbes Asia.

Haidilao’s HK$7.6 billion initial public offering (IPO) last year turned Zhang, 48, into a billionaire, with his wealth estimated by Forbes at US$13.8 billion. The stock had more than doubled since its IPO last September, giving the Beijing-based company HK$199 billion (US$25 billion) in capitalisation.

Singapore's top ten rich list

#.Name - Estimated net worth - Industry
1.Zhang Yong - US$13.8 billion - Restaurants
2.Robert and Philip Ng - US$12.1 billion - Property development
3.Eduardo Saverin - US$10.6 billion - IT
4.Goh Cheng Liang - US$9.5 billion - Paint manufacturing
5.Kwek Leng Beng - US$8.8 billion - Property development
6.Wee Cho Yaw - US$6.6 billion - Banking
7.Khoo Family - US$6.5 billion - Banking
8.Kwee Brothers - US$5.7 billion - Property development
9.Kuok Khoon Hong - US$3 billion - Agribusiness
10.Choo Chong Ngen - US$2.95 billion - Hotels
Source: Forbes Asia

China-born Forrest Li – founder of Shopee and Garena, the latter which created e-game Free Fire – has seen his wealth balloon to US$1.57 billion from last year’s US$738 million. Li is on the list after his naturalisation as a Singapore citizen.

The combined wealth of Singapore’s 50 richest tycoons increased by more than 12 per cent to US$130 billion from last year, Forbes Asia said.

To make the list of the top 50 required a net worth of at least US$560 million. For now, Hong Kong remains the overwhelming leader in wealthy inhabitants, home to 87 dollar billionaires with US$259 billion in combined wealth, according to the 2019 Billionaire census by Wealth-X. Singapore was home to 39 billionaires with a total wealth of US$84 billion, according to the same survey.

The presence of Zhang, Li and dozens of other wealthy China-born billionaires on Singapore’s wealth list underscores Lion City’s rise as the preferred destination in the exodus of mainland tycoons. For Hong Kong, the previous go-to destination for Chinese émigré, Singapore has become a stiff competitor as safe haven, while the Chinese special administration region goes through 12 consecutive weeks of unprecedented civic unrest and street rallies.

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30-08-2019, 10:17 AM.
Post: #2
RE: Hotpot king Zhang Yong shoves aside real estate magnates as Singapore’s richest man
I find it strange that Zhang Yong openly declares his citizenship. Usually China doesn't like to see this.

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