Larry Yung
| Larry Yung Chi-kin 榮智健 Rong Zhijian |
|
|---|---|
| Born | January 31, 1942  Shanghai, China |
| Occupation | Former chairman of CITIC Pacific |
| Salary | N/A |
| Net worth |  US$2.2 billion (See below for reference) |
Larry Yung Chi-kin (simplified Chinese: 荣智健; traditional Chinese: 榮智健; Mandarin Pinyin: Róng Zhìjiàn; Jyutping: Yung4 Chi3 Kin6) (born January, 1942), also often called Rong Zhijian in mainland China, was the chairman of CITIC Pacific, a Hong Kong-based conglomerate.[1] According to Forbes Magazine, he is one of the wealthiest person in mainland China, with a personal net worth of $2.2 billion US dollars as of March, 2007.[1]. He was in charge of Citic Pacific when it made its first major loss in 20 years of USD 2B, by incorrectly speculating in FX accumulators, which subsequently exposed the lack of internal management controls, which culminated in a temporary suspension of Citic Pacific shares in the HKSE and police raids at CITIC.[2]
Yung was born in Shanghai to a business man Rong Yiren, who later became the vice president of China during the 1990s. He graduated from Shanghai Nanyang Model High School in 1959 and attended the Tianjin University majoring in electronic engineering.
When the Cultural Revolution started, because of his "capitalist" background, he was exiled to Liangshan in Sichuan in 1966. After the turbulent years, Rong Yiren came to good terms with Deng Xiaoping who came into power after Mao. With the support of the Chinese government and its capital, Yung Chi Kin moved to Hongkong and started businesses with the Chinese government as major shareholder, and he himself subsequently became one of the richest people in China.
His family's tie to the Communist Party of China earned his nickname "the Red Capitalist."[3] Yung is on the board of directors of the Hong Kong Jockey Club. He is also the owner of a Bombardier Global Express.[4]
Yung was recently reported to have joined the rank of speculating the real estate business in Shanghai with an investment more than one billion RMB.[5]
[edit] References
- ^ Forbes World's Richest. Forbes Magazine. March 8, 2007.
- ^ Rong: Red Capitalist. Sina News. March 2, 2002.
- ^ Chinese Wikipedia Page on Rong Zhijian
- ^ Rong: Betting One Billion on Shanghai Real Estate Sina News. March 6, 2007.
[edit] External links
- chinavitae.com: Biography
- Forbes China Rich List (November 1, 2005)
- Sina's Page On Rong Zhijian
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