A 24-Year-Old Who Parties With Rihanna Gets $3.8 Billion Gift
- Eric Tse will own around one-fifth of Sino Biopharmaceutical
- There are no taxes on gifts or inherited wealth in Hong Kong
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.