Chinese tycoon Wang Jianlin has revealed that he is looking for a successor to run his 634 billion yuan ($91.8 billion) business empire--which includes shopping malls, theme parks, sports teams, and cinemas--after his only son said he did not want to take over the reins.
Wang, the founder and chairman of Dalian Wanda Group and ranked by Forbes as China's No. 1 billionaire, said he is most likely to choose a professional manager to take over the running of his businesses, according to a report by the South China Morning Post on Monday.
"I have asked my son about the succession plan, and he said he does not want to live a life like mine," Wang said in a speech he made at an entrepreneurs summit at the weekend.
"Perhaps young people have their own quests and priorities. Probably it will be better to hand over to professional managers and have us sit on the board and see them run the company."
The 62-year-old Wang said that several professional managers have already been chosen as potential candidates.
His son, Wang Sicong, who turns 29 in January, is the director at Dalian Wanda and owning a 2 percent stake of the conglomerate.
In 2011, he used $72.4 million in capital from his father to Prometheus Capital, a private equity fund, and has significant investments in China's highly lucrative entertainment, gaming, and social networking industries.
Additionally, the younger Wang is a household name in mainland China, dubbed as "the people's husband" for his status as one of the most eligible bachelors in the country, according to the South China Morning Post.
He also drew criticism from Chinese netizens for his extravagant spending habits, including posting pictures of his dog wearing expensive Apple watches and spending 2.5 million yuan ($385,000) at a karaoke bar.
While many of China's wealthiest billionaires have passed on the reins to their millennial heirs, the children of the country's top businessmen are more often taken different paths than their parents.
In a survey by Shanghai Jiatong University, more than 80 percent of Chinese heirs are not eager to take over the ownership of their parents' businesses. Many of the respondents have backed off due to intense pressure, while others have pursued other career interests.
Founded in 1988, Dalian Wanda Group rose from being a small property developer to one of China's biggest firms with businesses including malls, hotels, theme parks, and the world's largest chain of movie theatres thanks to a recent buying spree that added AMC Entertainment Holdings, Hoyts Group, and Odeon & UCI Cinemas Groups.
In November, the company purchased Dick Clark Productions for $1 billion and was granted the broadcasting rights to the Golden Globe Awards.