When you hear about China’s billionaire Liu clan, it’s often the
branch of the family that falls under Liu Yonghao. Yonghao is youngest
of four brothers that together in the 1980s built the Hope Group into
one of the country’s most successful agribusinesses of the post-Mao
economic reforms. After each of the brothers went their own ways in the
1990s, Yonghao listed his feed company and became a prominent bank
investor. He also frequently speaks in public, and is worth $4.2 billion
on the real-time Forbes Billionaires List based on the fortune of his
New Hope Group.
No less successful, however, is brother No. 2, Liu Yongxing. After the siblings split, Yongxing diversified into industrial materials, including aluminum and plastics. He moved his headquarters from the family’s home in Sichuan Province eastward to Shanghai, and named it East Hope Group. The enterprise, which employs 18,000, is unlisted, and though you don’t hear much from Yongxing, he holds a fortune worth $5.2 billion and ranks No. 262 on the real-time Forbes Billionaires List. During a period of slowing China growth, East Hope has found room to outcompete bulky government-controlled domestic companies like the Aluminum Corp. of China (Chalco) through better management.
So it was notable last week that East Hope appeared in the news to unveil a new large investment project in Inner Mongolia, where it already has an aluminum-related facility as well as other businesses. A March 11 report on East Hope’s website from a government-published newspaper in the Inner Mongolia city of Baotao said the investment there was “understood” to be 10 billion, or $1.5 billion, and that the project would focus on resources and chemicals.
And in keeping with East Hope’s low-key style, there weren’t many other details about the big project.
No less successful, however, is brother No. 2, Liu Yongxing. After the siblings split, Yongxing diversified into industrial materials, including aluminum and plastics. He moved his headquarters from the family’s home in Sichuan Province eastward to Shanghai, and named it East Hope Group. The enterprise, which employs 18,000, is unlisted, and though you don’t hear much from Yongxing, he holds a fortune worth $5.2 billion and ranks No. 262 on the real-time Forbes Billionaires List. During a period of slowing China growth, East Hope has found room to outcompete bulky government-controlled domestic companies like the Aluminum Corp. of China (Chalco) through better management.
So it was notable last week that East Hope appeared in the news to unveil a new large investment project in Inner Mongolia, where it already has an aluminum-related facility as well as other businesses. A March 11 report on East Hope’s website from a government-published newspaper in the Inner Mongolia city of Baotao said the investment there was “understood” to be 10 billion, or $1.5 billion, and that the project would focus on resources and chemicals.
And in keeping with East Hope’s low-key style, there weren’t many other details about the big project.
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