Developer tops richest young Chinese

Yang Huiyan, 31, vice-chairwoman of Guangdong-based property developer Country Garden Holdings Co Ltd, topped The Richest Chinese Under 40 list released by Hurun on Thursday.

With estimated assets of 36 billion yuan ($5.7 billion), she was also the richest second-generation entrepreneur for the second consecutive year, according to Hurun's report.

"Yang's example can be found nowhere else outside China, not even in Russia or the United States," said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report.

"It is very rare for a young entrepreneur to inherit the majority of a company's shares when her father is still in charge of the company's operations."

Fang Wei, 39, chairman of a contractor and manufacturer of exterior facades and curtain wall cladding systems in Liaoning province, with assets of 15 billion yuan, was listed as the richest young entrepreneur starting from scratch.

A total of 33 rich young Chinese with assets of more than 1 billion yuan were on the list, with 25 starting their business from scratch. Among the top 10 richest on the list, six of them started empty-handed.

"The richest Chinese under the age of 40 with their own businesses are found to be most successful in the entertainment and information technology industries," said Hoogewerf.

He said it was a widely held misconception that most of China's young rich had gained their wealth through inheritance.

Guangdong is home to the largest number of young tycoons, with six entrepreneurs from this province named on the list, with Shanghai, Beijing and Zhejiang following closely.

Basketball star Yao Ming, 32, was listed as the 23rd richest young entrepreneur who started from scratch.

Yao started his own wine company last year, and launched a wine named after himself at a charity auction in November.

Hoogewerf said the difference between Chinese entrepreneurs and their foreign counterparts is that most Chinese entrepreneurs "built up their wealth totally depending on themselves".

He added: "There is a growing trend among the Chinese rich that they are more willing to see their children receive an overseas education, with about 90 percent of the people interviewed showing such an intention.

"The percentage with British entrepreneurs is a mere 20 percent. And even in India, where the tradition of sending children overseas for their studies has prevailed for a long time, the percentage is much lower," he said.

Hoogewerf added that there are 1.05 million people in China with personal assets of 10 million yuan or above.

"On average, the young Chinese rich were born around 1972, which means that they are 10 or 15 years younger than their European peers," he said.

Among the recreational activities favored by the young rich, sports cars are growing in popularity, a trend illustrated by the opening of the 2012 Super Club Challenge sports car festival in Shanghai on Thursday.

"We have held this carnival to promote the charm of sports cars and to make a clear distinction between sports car racing and illegal speeding," said Yu Bo, founder of the Unique Motorsport club.