This Chinese 24-year-old’s parents just gave him a $3.8bn gift
INTERNATIONAL – One of China’s richest families just gave their 24-year-old son a $3.8 billion gift.
The founder of Sino Biopharmaceutical Ltd. and his wife are transferring about a fifth of the company’s share capital to their son Eric Tse, making him one of the world’s richest people overnight.
The grant of 2.7 billion shares, detailed in a Hong Kong exchange filing late Tuesday, adds to a tsunami of Asian wealth that’s being passed down to the next generation. In 2018, four Chinese tycoons placed more than $17 billion into family trusts, while many of Hong Kong’s biggest developers are engaged in succession planning. One major advantage is that Hong Kong has no tax on gifts or inherited wealth.
Source: iol.co.za
