Sun Hongbin Chinese Billionaire real estate developer. This is a short biography of the Chinese property developer. The idea behind this, and all our biographies is to search for any tips and learning lessons that we can take from their careers and lives. We are not interested in their personal lives or gossip, just what can we learn?
In this case and many other cases of Chinese, Russian and other countries businesspeople it is really difficult to find plausible evidence of how they have truly made their wealth. We want each biography to show reasonable steps in their wealth development. In some cases such as this, wealth just appears
He was born in Shanxi province in 1963. He went to university and achieved a masters degree in engineering from Tsinghua University in 1985. He started work with Lenovo which is a massive chinese computer company. He was convicted of embezzlement in 1989 and served five years in prison.
Once he left prison he set up his own property agency called Sunco and started in property development. We have found no evidence of how he obtained the money for this company or its growth. We have read that he borrowed money from the founder of Lenovo Liu Chuanzi. This could make sense if Chuanzi was a mentor of Sun but he had just spent five years in jail for embezzling from Lenovo?
He founded Sunac China Holdings which is a property development business. He eventually listed the business on the Hong Kong Stock exchange.
Sunac has its HQ in Tianjin. It is listed on the Hong Kong Stock Exchange.
In 2016 Sun borrowed £380 million pounds from Ping An Bank to buy 450 million shares in his own business. He bought at HK$6.18 dollars per share and he sold them in 2017 for HK$18.33 per share making him $400 million profit. These shares could have easily declined in value. This seems to be the actions of a gambler and not a clear headed business person.
He is married with two kids.
He has US Citizenship but lives in China. He attended a six week advanced management program at Harvard university in 2000.
He has bought hotel and entertainment assets from Wanda group
$9.4 billion USD (2020) Forbes
It is difficult to extract lessons from Chinese property developers, especially those who come up from mainline China. You really do not know how much their success is due to their own initiative or due to connections to power centres. This is also the difficulty we have with countries like Russia. We don’t understand exactly why he was jailed for five years, especially if the conviction was later overturned. Was he guilty or not?
I don’t understand how someone in his position could end up going to jail. This is something everyone wants to avoid. I guess you can say that this was his lowest point and you learn that you can always rise again
I have read some of the quotes below and some of it seems hyperbole, playing to the audience and promoting a work work work mentality. If all you do is work, then life is rather dull.
Sun seems to take a lot of bets with his finances
“I feel that work is an enjoyable part of my life,” Sun said. “Recreational activities and hobbies such as travelling are of no interest to me.
“A businessman can’t be too smart,” Sun says now. “A super-smart person will lose by the end of the day. I’ve learned to get back to simplicity and do businesses calmly.”
“Sunac will still grow on a fast track in the coming three to five years,” Sun says. “But for me, the growth rate, fast or not, is not a concern any more. I’ve experienced failures and I just enjoy being a workaholic now.”
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