Chinese property and cinema mogul named country's richest person

Top 10 richest men in China – see the short movie.Among them, Wang Jianlin has been named the richest man in China.

This article titled “Chinese property and cinema mogul named country’s richest person” was written by Henry Barnes, for theguardian.com on Tuesday 20th August 2013 10.34 UTC

Wang Jianlin, the property developer behind China’s cinema construction boom, has been named the country’s richest person, according to the Hollywood Reporter.

Wang has a net worth of .2bn (£9bn), as measured by the Bloomberg Billionaires index. His company, Dalian Wanda Group, acquired the US cinema chain AMC Entertainment last year, making Dalian Wanda the world’s largest cinema operator. The Chinese company, which Wang chairs, this year bought Sunseeker International, the UK luxury yacht maker, which has built craft for James Bond movies.

China is the largest cinema market outside the US, with an annual revenue of .7bn from a rapidly growing audience. In recent years, the Chinese government has relaxed its quota on the number of foreign films permitted to be released in the country, offering a growth opportunity for Hollywood studios. However, the relationship between the US and Chinese film businesses remains tense at times, with a recent row over China’s “luxury tax” on imported movies emphasising differences in working practices between the two industries.

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