subject: Chinese Businessmen worry Heirs will Squander their Business [print this page] Heirs of Chinese Businessmen Will Squander Fortunes
Yuan Qingpeng says the Chinese who have become rich under the economical reform movement in China are apprehensive. They are worried their spoiled kids won't understand how to hang on to the loot.
"Their capability to withstand hardship and put things into practice is less than the first generation," Yuan says of the children of the rags-to-riches pioneers who have transformed China's once-moribund business landscape.
That is where his Beijing Business Management Scientific Research Institute comes in.
The knowledge involved in training these Chinese heirs refers to programs from US Constitution, Military training, to Communist Party pilgrimage.
"Even if the children lack ability, the bosses will only be at ease if their son or daughter takes over their company," he says.
A January survey of entrepreneurs in wealthy Guangdong province revealed 62% most worried about their heirs' ability to take over, reported the Southern Daily newspaper.
Cashing in on such fears, entrepreneurs such as Yuan are expanding programs to train the twentysomethings abbreviated here as "Rich2G."
Courses are offered by prestigious universities such as Peking and Tsinghua to private consultancies such as Jinbailing, in Wuxi, Zhejiang province, which offers the priciest training - $99,000 for a two-year course that includes golf skills and horse-riding.
Kimmy Pan, 24, is excited at the prospect of visiting West Point and Harvard next year as part of a two-year course for wealthy heirs at Shanghai's Jiao Tong. The only child of a biotech millionaire, Pan expects to take over in five years. "The bias against the wealthy second generation is unfair, but ... low-quality examples do exist."
Comment - China's 2nd Generation are emerging businessmen in the world today. They are a great force to recon in today's market world. They are expected to lead economic growth in China as well as other Asian Countries. Today, negotiations with ASEAN countries are ongoing to remove tariff rates from importation coming from these countries.
