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Drinks tycoon regains title in 2012 rich list

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Beverage tycoon Zong Qinghou, 67, has regained his 2010 title of wealthiest individual on the Chinese mainland from heavy machinery magnate Liang Wengen, who has dropped to fifth place on the 2012 Hurun Rich List.

Zong Qinghou,chairman and CEO of the Hangzhou Wahaha Group.[File photo]

Zong, chairman and CEO of the Hangzhou Wahaha Group, and his family possess wealth of US$12.6 billion, 18 percent more than last year.

Liang, founder and main shareholder of Sany Group, owns 34 percent less than last year - US$7.3 billion - following a 33 percent drop in the Sany Heavy Industry share price.

China's rich have become poorer in general amid market turbulence this year, the Hurun Research Institute said yesterday based on a wealth calculation as of August 15.

In a year when the Shanghai Stock Exchange's key index plummeted over 19 percent, 469 of the 1,000 richest people on the Chinese mainland saw their wealth shrink, including 37 losing more than 50 percent, the institute said.

The cut-off point to make the list thus fell 9 percent from last year to US$290 million. Average wealth shrunk 9 percent to US$860 million while the number of dollar billionaires dropped from 271 to 251.

"Although this year has seen some significant wealth bloodletting, it is worth remembering that these entrepreneurs are still up 40 percent (in wealth) on two years ago and almost 10 times 10 years ago," said Rupert Hoogewerf, the Hurun Report's chairman and chief researcher.

Solar energy, textile and retail industries took the brunt of the losses while entertainment, information technology, natural gas and property development remained as top money-earners.

However, property lost its spot as the biggest source of wealth for the first time since the list began in 1999. The industry accounted for only 19.8 percent of the individuals on the list, trailing the 20.1 percent taken by manufacturing.

Real Estate tycoon Wang Jianlin, 58, is second on the list with US$10.3 billion. The chairman of Dalian Wanda Group has been developing the entertainment arm of the company since a US$2.6 billion acquisition of US cinema chain AMC Entertainment earlier this year.

Robin Li, 44, founder and chairman of Internet search engine services provider Baidu, ranks third again with US$8 billion. Google's exit from the Chinese mainland market allowed Baidu to consolidate its market leadership.

Beijing holds a lion's share in the rich club, with 123 on the list making the capital their home base, up 12 from last year. Shanghai snatched back second place from Shenzhen, hosting 80 individuals.

Wu Yajun of Longfor Properties is China's richest woman for a second year with a fortune of USS$6 billion, putting her eighth on the list.