The Straits Times
Published on Oct 12, 2012

Beverage tycoon tops Forbes' China rich list


SHANGHAI - Beverage tycoon Zong Qinghou regained his position as China's richest man this year, Forbes magazine said on Friday, but the global economic slump took its toll on other billionaires.

Zong, who heads soft-drink producer Wahaha, has a fortune of US$10 billion (S$12.2 billion), according to the magazine's influential annual ranking of China's 400 richest people, helping him win back the position he lost last year.

A similar list released last month by the China-based Hurun Report also crowned Zong as China richest, but put his wealth at US$12.6 billion.

Last year's number one on the list, construction equipment magnate Liang Wengen, slid to sixth place with US$5.9 billion as his Sany company was hit by weak demand for new building projects caused by a slowdown in China's economy.