China's richest man sets his sights on foreign projects
By Wang Zhuoqiong, China Daily/Asia News NetworkBEIJING -- China's richest man, beverage tycoon Zong Qinghou, plans to invest in high-tech projects overseas and will continue buying trips to Europe to expand his newly launched shopping mall businesses in China.
March 6, 2013, 12:47 am TWN
Zong, chairman of Hangzhou Wahaha Group Co., the country's largest beverage group, said it is looking for projects involving high-end technology such as energy-saving electric motors, robots and biotechnology projects.
“I hope to introduce this good technology and expand manufacturing and sales in China,” said Zong, listed as the richest billionaire on the Chinese mainland this month by wealth research unit the Hurun Research Institute, with a fortune of 82 billion yuan (US$13 billion).
Zong, also an National People's Congress deputy from Zhejiang province, said many European countries have been open-minded on high- technology exports.
“Only if they sell their technology can they invest further in higher-level research,” said Zong, who has been seeking suitable investment projects.
To seek investment opportunities in oil and natural gas exploration, he traveled to resource-rich countries and visited drilling platforms but the cost was higher than he expected.
“Sometimes, you need to have long vision and wait for the right projects,” he said.