The Stupidity of China's Elite

[Ghanaian Armor]

The Chinese mogul behind the $50 billion Nicaragua canal lost 85% of his fortune in the stock market

There are probably a ton of billionaires in China and maybe 7 out of 10 do not have brains....How the hell did they get rich????

He is all smiles - Has this forghorn leghorn idiot mother fukker ever heard of DIVERSIFICATION?

The negro is broke by rich people standards now and messing around in Latin America?

Half of these Chinese are losing their own money in their own stock market. Too proud to invest abroad and now this is what you get.

Fresh doubts have arisen over a Chinese billionaire's plan to build a $50 billion interoceanic canal through Nicaragua after it emerged that China's stock market crisis wiped out nearly 85% of his fortune.

Wang Jing, the Chinese telecoms tyc00n behind the gargantuan shipping project, has seen his net worth plummet since his country's stock market meltdown began, according to the Bloomberg Billionaires Index.

Until June, 42-year-old Wang was worth $10.2 billion, making him one of the world's 200 richest people, Bloomberg reported. His net worth has since slumped to $1.1 billion.

Analysts said Wang's dismal fortunes — Bloomberg called him the world's worst-performing billionaire in 2015 — could affect the ability of his company, HKND, to push ahead with construction of the 178-mile canal in Nicaragua.

Daniel Wagner, the head of US-based consultancy Country Risk Solutions, told Bloomberg: "The turn of fortune in … Wang's financial resources will impact how and whether the canal can and will be built. I would expect, given this year's financial gyrations in China, that the government is also asking itself whether the canal is a viable proposition."

Officials at HKND, which in 2013 won a 50-year concession to build and operate the canal, denied that the billionaire's financial woes spelled trouble for the mega-project.

Bill Wild, HKND's chief project adviser for the canal, said, "I have no doubt that appropriate financial arrangements will be in place before construction commences."

 

[alybaba]

Most business owners have the vast majority of their wealth in shares of their business. If they're publicly traded, they can't really sell them because of the sheer size of their position and the negative signal that sends to the market.

 

[88m3]

From all of the articles I'd read even before the market crash in Asia it seemed highly unlikely the canal would actually be built.

 

[☑︎#VoteDemocrat]

15% still more than what we all have

 

[hashmander]

speak for yourself.

 

[wheywhey]

The negro is broke by rich people standards now and messing around in Latin America?

Half of these Chinese are losing their own money in their own stock market. Too proud to invest abroad and now this is what you get.

You are contradicting yourself: criticizing someone for investing abroad, then criticizing people for not investing abroad.

Chinese do invest abroad such as real estate in the US and Canada. They have wrecked havoc on the Toronto housing market tripling the price of a house in the last 10 years. Australia protected its housing markets by only allowing foreigners to purchase the house they live in and when they leave Australia they are required to sell the house, so no foreign money can destroy the housing market.

The Chinese have only been free to make money for about 25 years so they don't have a good grasp on what works and what doesn't work. It is a lot of trial and error. The Chinese firms in Africa are private and most are losing money.