Lu Zhiqiang

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  • Post category:China

Name: Lu Zhiqiang 

Country: China

Date of Birth: 1951

Education: He graduated from Fudan University with a Master’s degree in Economics.

Type of business: Chairperson of Oceanwide USA holdings company

Something interesting: Being the major investor behind Legend and Minsheng, Lu’s passion and interests in computers, real estate, and financial services are what brought him here.

Main achievements: His major achievements include being listed among the top ten richest men in Beijing and eighth in 2015 of China presented by Hurun with a net worth of 83 Billion (RMB). 

Biography:

Lu Zhiqiang is a Chinese businessperson who is the chairman of a China-based conglomerate property company called Oceanwide USA Holdings Company. Furthermore, Zhiqiang has a net worth of $2.4 Billion as he chairs one of the greatest real estate companies in the field of technology and finance. Lu was born in 1951 at the province of Shandong, where he got his first job as a technician at a factory called Shandong Weifang diesel engine factory but soon afterward left the government sector to become an entrepreneur by starting his own business.

His initial focus was on training and education but later on shifted to real estate when in 1988, the government started a housing reform. Oceanwide controls and invests in several companies such as Legend holdings, China oceanwide holdings, Minsheng bank, Oceanwide holdings, and Minsheng holdings, respectively. 

Moreover, the company previously aimed to construct a retail and residential complex worth $1 Billion at the Los Angeles downtown in 2019. Moreover, the company pursues to continue its acquisition worth $2.7 Billion of Genworth, which is a company holding insurance. The company focuses on finance, energy, investment, capital operation, and real estate, which registered a capital having the amount of $4 Billion (Yuan). Oceanwide is located in San Francisco, is a corporate development company is considered to be one of the largest private companies in China with an experience of more than thirty years. Also, the business has expanded its customer base to several other countries such as Hong Kong and other international markets through the efforts of the parent corporate holding group. 

Over the years, Oceanwide has become a significant developer in the cities of China as China’s glory Centre is under their ownership, the avenue led to Tiananmen Square. Lu’s skills in deal-making gave him the title of the capital hunter as Oceanwide grew further with having its business expanded to span insurance, shipping, and real estate and likewise taking stakes in brokers and insurers. In addition, Oceanwide gained a 29 percent stake at Lenovo (previously known as Legends and also the parent firm) for 2.7 Million (RMB) through China’s academy of social sciences in 2009 by the hard work of Guanxi also referred as the godfather of the entrepreneurs of China. 

Therefore, the transaction proved to be symbolic as it dismantled the SOE status of Legend holdings. Liu and Lu founded the Taishan Club by collaborating again in the year 1993, which was an unofficial entrepreneurs association acquiring the name of the greatest ad famous Shandong mountain of China. During the inaugural meeting of the Taishan Club set by Lu, the idea rose of creating a non-SOE bank; hence, to put the idea into practice, a proposal was sent to Zhu Rongji which resulted in the formation of Minsheng Bank of China in 1996. Being amongst the fifty-nine firms of the private sector who had co-owned the Minsheng bank, an interim report of Oceanwide stated that there was a transaction made to invest in the buying of Minsheng’s stock by an amount of 7.5 Billion (RMB). 

The results of this investment doubled the stakes of Lu to 4.61 percent, declaring the company to be the second-biggest shareholder of Minsheng by July 2016. As a result, there were speculations that Lu wanted to take control of Minsheng and was planning a way to do so as he states that he is a businessman who focuses on the bigger picture.   

Links

https://www.forbes.com/profile/lu-zhiqiang/#36ecf172558b
https://www.linkedin.com/company/oceanwide-international-investment-co-usa-ltd-?trk=public_profile_topcard_current_company
https://www.weekinchina.com/app/uploads/2016/09/08-Investment.pdf