China’s richest man looks for successor after son says no

China’s richest man, owning a $92 billion empire, on Monday said he is looking for a successor, most likely from a group of professional managers, to take over his business after his son declined to be his heir apparent.

Wang Jianlin, 62, founder and chairman of Dalian Wanda Group Co, whose business includes shopping malls, theme parks, sports clubs and cinemas, said he is most likely to pick from a group of professional managers to take over the running of his business.

"I have asked my son about the succession plan, and he said he does not want to live a life like I do," Wang was quoted as saying by Hong Kong's South-China Morning Post at China Entrepreneurs Summit. "Perhaps young people have their own quests and priorities. Probably it will be better to hand over to professional managers and we sit on the board and see them run the company," he said. 

The wealthy scions of China’s billionaire entrepreneurs, known as fu'erdai are increasingly striking different paths, as more than three decades of break-neck economic growth and overseas education have given them different experiences, world view and aspirations from their parents.