Zong Qinghou, China’s richest: ‘Development of luxury in China is coming to an end’
With an estimated fortune of $13 billion, Zong Qinghou, owner of Wahaha Holding and China’s richest man has recently spoken about his retail development division and his intentions to invest in Made in Italy. In an interview to CorrierEconomia, Zong said ‘Expansion of luxury in China is coming to an end, especially due to the policies of the new government. Officials are no longer spending on luxury branded goods. In the malls I am developing, Chinese come more for entertainment than shopping’. As for potentially investing in Italian luxury brands, Zong said he is particularly interested in ‘soft luxury’ brands and companies which can manufacture items that cannot be made in China at the same standard.