Bloomberg Billionaires Index

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#138 Sun Hongbin $10.2B

Random fact: Used 500,000 yuan from his former boss to start property business.

Overview

Sun is the founder and chairman of Sunac China Holdings, a real estate developer with more than 90 projects in eight regions across China. The Tianjin-based business is traded on the Hong Kong Exchange, employs more than 13,000 people and reported revenue of 35.3 billion yuan ($5.3 billion) in 2016. Sun is a U.S. Citizen.

As of Sept. 20, 2017:
Last change +$863M (+9.2%)
YTD change +$8.75B (+591.2%)
Industry Real Estate
Biggest asset 1918 HK Equity
Citizenship United States
Age 53
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Sun Hongbin's net worth of $10.2B can buy ...

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Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Sun's wealth is derived from his 51 percent stake in Sunac China Holdings. He owns the shares directly and through British Virgin Islands-based Sunac International Investments Holdings, according to an Aug. 7, 2017 filing to the Hong Kong stock exchange. The Tianjin, China-based company has more than 90 property projects across the country, according to Sunac's website.

Sun pledged 1.6 billion shares to Ping An Bank, according to a Hong Kong stock exchange filing dated Nov. 2, 2016. The value of those shares is included his net worth calculation because the billionaire used the funds provided by Ping An for a $358 million share subscription on Nov. 9, 2016.

The value of his cash investments is based on an analysis of dividends, taxes and market performance.

Wang Yaqi, Sunac's spokeswoman, declined to comment on his net worth.

Biography

Birthdate:
Family: Married, 2 children
Education: 2000, Harvard Business School 1985, Master's Degree, Tsinghua University

Sun was born in China's Shanxi province in 1963. He studied mathematics in college and graduated with a master's in engineering from Tsinghua University in 1985. 

He later joined the Lenovo Group, China's largest personal computer company, where he was seen as a potential successor to its founder, Liu Chuanzhi. Sun was found guilty of embezzlement in 1990 and sentenced to five years imprisonment. He was released in March 1994, appealed his conviction and was found innocent by a judicial review in 2003, according to Sunac's prospectus.

Sun set up his first real estate business, Sunco, in 1994 using a half a million yuan loan from Liu. The company failed and Sun sold it to Road King Infrastructure in 2006. He started Sunac China Holding in 2003, and listed the business in Hong Kong in 2010.

Sunac said in January 2017 that it would invest $2.2 billion on three companies affiliated with Jia Yueting’s LeEco, the holding group for a range of technology companies that market products from electric cars to smart TVs. Sun said in a briefing in Beijing that he’s looking at other opportunities to propel growth beyond the next five to 10 years. Sun later became chairman of Leshi Internet, the public susidairy of LeEco in July 2017, and a Leshi filing dated July 21, 2017, shows that Sun has a US citizenship.

Sun followed the LeEco deal with another agreement in July to buy hotels and theme parks from Chinese conglomerate Dalian Wanda Group in a sale exceeding $9 billion, which would have required financing arranged by Wanda. The deal took an unexpected turn after Wanda came under regulatory pressure, and rival developer Guangzhou R&F Properties Co. stepped in to buy the hotels.

Milestones
  • 1963 Sun Hongbin is born in China's Shanxi province.
  • 1985 Earns engineering degree from Tsinghua University.
  • 1990 Sentenced for embezzling funds from Lenovo; later found innocent.
  • 1994 Establishes first real estate business, Sunco.
  • 2003 Forms Sunac and focuses on luxury housing projects.
  • 2006 Sells 55 percent of Sunco for 1.28 billion yuan ($160 million).
  • 2009 Bain Capital and Deutsche Bank acquire Lehman Brothers' shares in Sunac.
  • 2010 Holds initial public offering in Hong Kong.
  • 2016 Revenue reaches 35.3 billion yuan ($5.3 billion).
  • 2017 Joins with Guangzhou R&F to buy Wanda's assets for combined $9.4 billion.