Tech and Real Estate Lift the Fortunes of China’s Richest

　　By SUI-LEE WEE October 13, 2017

　　房地產大亨許家印取代王健林成中國新首富

　　黃瑞黎 2017年10月13日

　　BEIJING — China’s new digital barons are rising. One of its most ambitious global deal makers is falling. And a property mogul who likes to borrow heavily is on top.

　　北京——中國新的數字巨頭正在崛起。國內一家最雄心勃勃地在全球收購的商人的地位正在下滑。而一個喜歡大量舉債的房地產大亨則名列榜首。

　　Xu Jiayin — an entrepreneur behind China Evergrande Group, one of the country’s most aggressive property developers — has become the country’s richest person, according to a survey released on Thursday by The Hurun Report, which tracks wealth in the country.

　　據跟蹤中國財富狀況的胡潤百富榜周四公布的一項調查，中國最聲勢浩大的房地產開發商之一、恒大集團背后的企業家許家印已成為中國最富有的人。

　　The results paint a broad picture of a dynamic economy fueled by consumption as well as a voracious appetite for real estate. Both are helping to fuel growth in a country where the traditional engines of manufacturing and big spending on government projects are beginning to lose power.

　　新排名描繪了一個由消費驅動、也對房地產有極大胃口的充滿活力的經濟宏觀圖景。消費和房地產都在幫助推動經濟增長，而中國經濟的傳統引擎——制造業和政府項目的巨額支出——已開始失去動力。

　　“The top 10 on our rich list had a year like they’ve never had for 10 years,” said Rupert Hoogewerf, Hurun’s chairman.

　　“我們富豪榜上的前十名在過去一年的進步是十年來最快的，”胡潤百富董事長胡潤(Rupert Hoogewerf)說。

　　Still, the list released Thursday also points out some of China’s weaknesses.

　　不過，周四公布的這份名單也指出了中國的一些弱點。

　　The Chinese authorities are struggling to tame surging property prices, which have added to the wealth of homeowners but made housing increasingly unaffordable for many. Much of China’s economic activity continues to be fueled by debt.

　　中國當局正在努力遏制不斷飆升的房價。房價上漲讓有房者的財富增加，但對許多人來說房子已變得越來越買不起。中國經濟活動的很大部分仍由債務推動。

　　Hurun valued the wealth of Mr. Xu, chairman and founder of China Evergrande, at $43 billion, largely because of his firm’s Hong Kong-listed shares, which have soared five times in the past year. The surge has come despite worries about Evergrande’s debt load, which grew sharply last year as the company expanded. Evergrande did not respond to requests for comment.

　　胡潤把中國恒大集團董事長兼創始人許家印的財富估值為430億美元，很大程度上是因為他的公司在香港上市的股票在過去一年中漲了五倍。盡管該公司去年的債務負擔隨著公司的擴張大幅增長，導致人們對恒大的債務負擔有所擔憂，但該公司股票仍出現大漲。恒大沒有回復記者的置評請求。

　　Mr. Xu replaced Wang Jianlin, a property and entertainment power broker, as China’s richest person. Mr. Wang had become the poster boy for China’s Hollywood ambitions after his acquisition of the AMC theater chain and Legendary Entertainment.

　　許家印取代了在房地產業和娛樂業呼風喚雨的王健林成為中國首富。王健林在收購了AMC連鎖影院和傳奇娛樂后，曾是中國好萊塢野心的代表人物。

　　More recently, Mr. Wang’s fortunes have symbolized China’s new skepticism over its global makers. In June, a senior banking regulator warned that some of the country’s biggest companies could pose a systemic risk to state banks, reflecting Beijing’s anxiety that mounting debt levels could destabilize the Chinese economy.

　　近來，王健林的命運卻象征著中國對自己的全球生產者身份新出現的質疑。今年6月，一名銀行業資深監管者警告說，中國一些最大的企業可能會對國有銀行構成系統性風險，反映了北京對不斷攀升的債務水平可能會破壞中國經濟穩定的擔憂。

　　That month, Mr. Wang divested much of its theme park and hotel holdings. He also delisted one of his companies from Hong Kong, where shares have risen 19 percent in the past year. “Had he not delisted from Hong Kong, he wouldn’t be in the position that he would be now,” Mr. Hoogewerf said.

　　該月，王健林剝離了公司名下的大部分主題公園和酒店股份。他還讓公司從香港退市，而去年香港股市上漲了19%。“如果他沒有從香港退市的話，他就不會在待在現在的位置上了，”胡潤說。

　　Hurun said he and his family’s net worth fell 28 percent to $23 billion in the last year. Wanda declined to comment.

　　胡潤說，王健林及其家族的凈資產去年下降了28%，總財富為230億美元。萬達拒絕對此文置評。

　　Wanda is considered one of China’s gray rhinos, so named because they represent large but ignored potential threats to the country’s economy. Among the leaders of the other gray rhinos, Guo Guangchang, the chairman of the financial conglomerate Fosun, saw his wealth rise 40 percent to $9.3 billion, according to Hurun. Chen Feng, the co-founder and co-chairman of HNA Group, was a new addition to the survey, with a net worth of about $2.3 billion.

　　萬達被認為是中國的“灰犀牛”之一，這種說法的意思是它們代表著對中國經濟巨大、卻遭到忽視的潛在威脅。據胡潤百富榜，其他灰犀牛企業的領導人中，復星集團董事長郭廣昌的財富上漲了40%，達到93億美元。海航集團的聯合創始人兼董事局聯席主席陳峰今年以23億美元的凈資產首次上榜。

　　China’s tech tycoons — Pony Ma of Tencent and Jack Ma of Alibaba — were the second- and third-richest in the survey. Hurun valued Pony Ma’s fortune at $37 billion. As No. 2 on the Chinese wealth list, he succeeds Jack Ma, whose net worth fell 2 percent to $30 billion because he sold down his stake in his firm’s financial affiliate, Ant Financial.

　　中國的科技巨頭——騰訊的馬化騰和阿里巴巴的馬云——在百富榜上分別排名第二和第三。胡潤估計馬化騰的財富為370億美元。作為中國財富榜上的第二名，馬化騰超過了馬云。馬云的凈資產為300億美元，下降了2%，這是因為他賣掉了他持有的阿里名下的金融子公司螞蟻金服的股份。

　　The survey reflects a surge of money going into companies like Tencent and Ant Financial — the internet giants that run WeChat and Alipay — as investors bet on more users going cashless.

　　百富榜反映出越來越多的資金正在流向騰訊和螞蟻金服這樣的公司，因為投資者押注更多的用戶將不再使用現金，這兩個互聯網巨頭分別運營微信和支付寶。

　　Alibaba and Ant Financial have 43 shareholders who made the list. Alibaba’s market cap is now $473 billion, while Tencent’s is at $428 billion. In contrast, Exxon Mobil is valued around $350 billion.

　　阿里巴巴和螞蟻金服的股東中有43名上了百富榜。阿里巴巴目前的市值為4730億美元，騰訊的市值為4280億美元。相比之下，?？松梨诘墓乐导s為3500億美元。

　　Some names on the rich list belong to some of China’s most powerful bodies. Three of the entrepreneurs on the list — Li Denghai, a corn tycoon; Wu Shaoxun, an alcohol magnate; and Pan Gang, who made his fortune in milk — will be delegates to the 19th Communist Party Congress, a once-in-five-years political meeting that will convene later this month to pick a new slate of Chinese leaders.

　　富豪榜上的一些名字屬于中國權力最大的一些機構。名單上的三位企業家——玉米大亨李登海、酒業巨頭吳少勛，以及靠牛奶發財的潘剛——都是共產黨第十九次全國代表大會的代表，這是每五年一次的政治會議，將于本月晚些時候召開，會議將決定中國的新領導人。

　　In March, Hurun said the combined fortune of the wealthiest members of the country’s Parliament and its advisory body amounts to $500 billion, just below the annual economic output of Sweden.

　　胡潤曾在今年3月表示，中國全國人大和政協的最富有的代表的財富總額已達到5000億美元，略低于瑞典的年度經濟產值。

　　New additions to the list’s top 10 include Yang Huiyan of the property developer Country Garden, Wang Wei of the delivery company SF Express and Li Shufu of the carmaker Zhejiang Geely Holding Group.

　　百富榜前10名中的新成員包括房地產開發商碧桂園的楊惠妍、快遞公司順豐的王衛，以及汽車制造商浙江吉利控股集團的李書福。

　　Many of the entrepreneurs featured in the survey have rags-to-riches backgrounds that epitomize the sharp ascent of the world’s second-largest economy in the span of a decade. According to Hurun, China now accounts for 36 percent of the world’s billionaires. It has 647 billionaires in American dollar terms, up from 594 the year before. In 2003, there were none.

　　百富榜上的許多企業家都有白手起家的背景，這是這個世界第二大經濟體在10年時間里迅速崛起的縮影。據胡潤稱，中國現在有全球億萬富翁中的36%。中國有647位以美元計算的億萬富翁，高出去年的594位。而在2003年，中國一位都沒有。