Newspaper article The Evening Standard (London, England)

CHINA TYCOON BUYS PS80M LONDON HOME; BILLIONAIRE PLANS TO SPEND ANOTHER PS50M DOING IT UP; Mansion Is Just Latest Property in Portfolio of China's Richest Man

Newspaper article The Evening Standard (London, England)

CHINA TYCOON BUYS PS80M LONDON HOME; BILLIONAIRE PLANS TO SPEND ANOTHER PS50M DOING IT UP; Mansion Is Just Latest Property in Portfolio of China's Richest Man

Article excerpt

Byline: Jonathan Prynn Consumer Business Editor

CHINA'S richest man has bought a 10-bedroom mansion on London's most exclusive "billionaires' row" in a spectacular PS80 million deal. Property and "Chollywood" movie tycoon Wang Jianlin, whose wealth is estimated at more than PS20 billion, took a long lease from the Crown Estate on the residence at Kensington Palace Gardens, according to property market sources.

The former Chinese army commander is now expected to spends tens of millions pounds more -- with one estimate suggesting a bill as high as PS50 million -- on a lavish refurbishment of the mid-Victorian property.

Mr Wang, who chairs the Dalian Wanda property group that is building the One Nine Elms luxury flats development in Vauxhall, will have Chelsea owner Roman Abramovich and the Norwegian embassy as his immediate neighbours when he moves into the property.

Other owners and residents on the street -- also the most exclusive in Europe -- include Formula One heiress Tamara Ecclestone, steel magnate Lakshmi Mittal, Foxtons founder Jon Hunt and the French ambassador Sylvie Bermann.

The private road -- which runs next to Kensington Palace, the London home of the Duke and Duchess of Cambridge -- is considered one of the most secure in London, with a round-the-clock armed police presence at both ends. It is also the location for the Russian and Israeli embassies.

The 20,000 sq ft home was previously occupied by the Ukrainianborn businessman Leonid Blavatnik, who rented it during lengthy works on his house opposite.

It is the latest major investment in Britain by the Chinese billionaire, who this year overtook online retailer Alibaba founder Jack Ma to become his country's richest man.

As well as the PS700 million One Nine Elms scheme, which includes a 56-storey residential skyscraper, Mr Wang -- whose wife Li Ning controls a number of exclusive clubs in China -- owns the Dorset-based Sunseeker luxury motor yacht business.

It was reported this year that he has been in talks to buy the Tour de France as part of a bid to build one of the world's biggest sports empires. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.