China Richest Man's Son Doesn't Want To Inherit $122 billion Empire

The wealthiest man in China needs to find an heir to his $122 billion empire after his son told him he does not want to live a life like that. Wang Jianlin, founder and chairman of Dalian Wanda Group, said his only son, 28-year-old Wang Sicong, doesn't want to take over his shopping centres, hotels, theme parks and sports clubs.

'I have asked my son about the succession plan, and he said he does not want to live a life like mine,' Wang, 62, told an entrepreneurs summit over the weekend. The transcript of the speech published on the Wanda group website was translated from Chinese by South China Morning Post.

'Perhaps young people have their own quests and priorities. Probably it will be better to hand over to professional managers and have us sit on the board and see them run the company,' Wang said.'We have several professional managers as candidates. 'The one who is handpicked and later trained to be a business leader should be no better than those who manage to stand out of the others through competition.' Wang Sicong is a director at his father's empire, with a 2 per cent stake, South China Morning Post reported.