December 20, 2015
Asia's richest man, Wang Jianlin, will soon have Indian steel magnate Lakshmi Mittal and Russian billionaire Roman Abramovich as his neighbours, after he shelled out a whopping 80 million pounds (S$168 million) on a luxury property in London.
The London Evening Standard reported that Mr Wang is expected to spend as much as 50 million pounds on a lavish refurbishment of the property, which is on the exclusive Kensington Palace Gardens street that has been dubbed "Billionaires Row".
The house boasts 10 bedrooms, nine bathrooms, various entertainment rooms and an indoor swimming pool and spa.
The London Evening Standard reported that the Crown Estate, which provides the income for the Queen from its profits, had offered a 125-year lease on the house earlier this year.
Mr Wang will also have to pay a stamp duty bill of over 9.5 million pounds for the purchase, Daily Mail reported.
With a fortune worth US$33.7 billion (S$45 billion), Mr Wang is Asia's richest man, having overtaken Hong Kong tycoon Li Ka-Shing and Alibaba founder Jack Ma earlier this year.
He is the chairman of China property giant Dalian Wanda Group, which is developing the 700 million pound One Nine Elms scheme in south London.
He also owns the Sunseeker luxury yacht business, and has a 20 per cent stake in Spanish football club Atletico Madrid, reported the London Evening Standard.
Mr Wang is married with one son, Wang Sicong, who has regularly attracted controversy in the Chinese media, most notably after he strapped two Apple Watches on his dog earlier this year.
Apple Daily reported that it remained unclear if he would stay in the mansion or use it for other purposes.