One of Chinas richest families just gave their 24-year-old son a $3.8 billion gift.
The founder of Sino Biopharmaceutical Ltd. and his wife are transferring about a fifth of the companys share capital to their son Eric Tse, making him one of the worlds richest people overnight.
The grant of 2.7 billion shares, detailed in a Hong Kong exchange filing late Tuesday, adds to a tsunami of Asian wealth thats being passed down to the next generation. In 2018, four Chinese tycoons placed more than $17 billion into family trusts, while many of Hong Kongs biggest developers are engaged in succession planning. One major advantage is that Hong Kong has no tax on gifts or inherited wealth.
Sino Biopharmaceutical and Tse didnt respond to messages seeking comment on the gift.
The son of Tse Ping and Cheng Cheung Ling, Eric Tse was born in Seattle, attended primary school in Beijing and secondary school in Hong Kong, then graduated with a finance degree from the Wharton School of the University of Pennsylvania, according to an article on the business schools website. He established the China Summit Foundation, a charitable organization that supports education and cultural initiatives and was a Schwarzman Scholar at Beijings Tsinghua University.
Tse is also active on Instagram, where he shares shots of himself parasailing and partying with Rihanna. Other selfie-mates include model Bella Hadid, basketball star Yao Ming and Monacos Princess Charlene. His most recent post is from Beijing, where he attended the 70th anniversary of the Peoples Republic of China.