Love affairs of China's tycoons may affect stocks
Source: Xinhua |
November 8, 2012, Thursday
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Print Edition
Print Edition
The old Chinese saying, "No hero can resist the beauty of a woman," remains relevant today, as the love affairs of China's business tycoons are not only making tabloid headlines but may also be affecting stock markets.
Wang Shi, 61, board chairman of Vanke, China's largest property developer, is allegedly involved in a love affair with Tian Pujun, the 31-year-old star of a popular TV drama.
Wang, a high-profile entrepreneur studying at Harvard, could not be reached, but he retweeted a message in which the writer called on people to focus on Wang's career, not gossip.
Pan Shiyi, another property development giant as well as a close friend of Wang's, joked on Weibo that Wang is rumored to cook for his girlfriend every day. Meanwhile, microbloggers have enthusiastically and amusingly warned Pan's wife, Zhang Xin, to "keep an eye" on her husband.
Wang's unconfirmed love affair seems to have influenced his business. Vanke's stocks rose by more than 5 percent in the week since microbloggers started to spread the word about his alleged affair.
According to figures released on Monday, Vanke's sales revenue topped 13.7 billion yuan (US$2.2 billion) in October, marking the company's best performance this year. Zhou Biwen, a real estate expert at Beijing Institute of Technology, said the love affair may turn out to be good press for Vanke.
Wang got started in the corn business in the south China city of Shenzhen in the 1980s before building Vanke as the country's largest developer. The balding businessman with a thin gray beard has also courted fame by climbing the world's highest mountains, including Mt Qomolangma, when he was 52.
However, the gossip surrounding him now is not all about stock gains. If a divorce is in their future, it is not clear how Wang and his wife will split their assets, including properties, in accordance with Chinese laws, but estimates on compensation are running high.
China has seen an increase in divorces involving senior managers in recent years. Before Wang Shi's alleged affair surfaced, Wang Wei, former CEO of Tudou, China's YouTube-style video sharing website, went through a costly divorce in which his now-ex-wife received hefty compensation. The divorce reportedly hindered Tudou from smoothly listing on NASDAQ.
Wang Shi, 61, board chairman of Vanke, China's largest property developer, is allegedly involved in a love affair with Tian Pujun, the 31-year-old star of a popular TV drama.
Wang, a high-profile entrepreneur studying at Harvard, could not be reached, but he retweeted a message in which the writer called on people to focus on Wang's career, not gossip.
Pan Shiyi, another property development giant as well as a close friend of Wang's, joked on Weibo that Wang is rumored to cook for his girlfriend every day. Meanwhile, microbloggers have enthusiastically and amusingly warned Pan's wife, Zhang Xin, to "keep an eye" on her husband.
Wang's unconfirmed love affair seems to have influenced his business. Vanke's stocks rose by more than 5 percent in the week since microbloggers started to spread the word about his alleged affair.
According to figures released on Monday, Vanke's sales revenue topped 13.7 billion yuan (US$2.2 billion) in October, marking the company's best performance this year. Zhou Biwen, a real estate expert at Beijing Institute of Technology, said the love affair may turn out to be good press for Vanke.
Wang got started in the corn business in the south China city of Shenzhen in the 1980s before building Vanke as the country's largest developer. The balding businessman with a thin gray beard has also courted fame by climbing the world's highest mountains, including Mt Qomolangma, when he was 52.
However, the gossip surrounding him now is not all about stock gains. If a divorce is in their future, it is not clear how Wang and his wife will split their assets, including properties, in accordance with Chinese laws, but estimates on compensation are running high.
China has seen an increase in divorces involving senior managers in recent years. Before Wang Shi's alleged affair surfaced, Wang Wei, former CEO of Tudou, China's YouTube-style video sharing website, went through a costly divorce in which his now-ex-wife received hefty compensation. The divorce reportedly hindered Tudou from smoothly listing on NASDAQ.
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