Stories

How the 70 Million RMB Wedding Shanxi Coal Boss Got So Rich

by on Tuesday, March 27, 2012 58 comments comments

Xing Libin, Shanxi coal boss.

From NetEase:

Story of how coal boss who spent 70 million marrying off daughter got rich: Bought state-owned mine at “price of cabbage”

A majestic wedding made normally low-key Shanxi Liulin’s richest man Xing Libing famous throughout China

March 18th, Liansheng Group Chairman Xing Libing held a large-scale wedding for his daughter in Sanya, even holding a concert, the total sum exceeding 70 million yuan. The extravagance of coal bosses once again shocked the ordinary masses.

Investigations revealed that the source of Xing Libin’s “first pot of gold” [first financial windfall] came from leasing and operating Liulin county Jinjiazhuang rural coal mine, and then obtaining the largest local remaining 1.5 billion ton state-owned enterprise LiuLin County Xingwu coal mine by buying its stock at the “cabbage price” [low price] of 80 million yuan, instantly catapulting him into being Shanxi Liulin’s richest man with current assets exceeding ten billion yuan.

Xing Libin with Liulin county government officials.

Documents indicate that Liulin Xingwu coal mine geologically had 1,531,230,000 tons of coal, of which 1,402,120,000 tons could be gathered. If calculating by the geological amount, Xing Libin paid just 0.52 yuan per ton. If calculating by the amount that could be gathered, the price Xing Libin paid for every ton of coal was just 0.57 yuan, which can be called a “cabbage price”.

Comments from NetEase:

网易辽宁省丹东市网友：

Must have connections with those lousy government officials, ordinary common people who want to buy wouldn’t be allowed to.

网易浙江省衢州市网友： (responding to above)

The ordinary people are only allowed to buy cabbage!

不跟他玩 [网易浙江省杭州市网友]：

99% of those who first got rich in this strange country all did so through a system of unfair/unequal distribution.

lbg224522 [网易广西南宁市网友]：

State-owned property sold for cheap. Coal mines are national resources, how could it fall into individual pockets? Allowing coal bosses to raise coal prices, using price inflation to pass it onto the heads of consumers, this is intolerable!

zdj9101 [网易湖南省长沙市网友]：

Give me one reason not to hate the rich.

JJ掉了不过碗大的疤 [网易山东省烟台市网友]：

Without cleaning up the government, everything is bullshit/pointless!
Can I use expletives?

你信不信我是信了 [网易广东省深圳市网友]：

How much blood and sweat of coal miners is contained in this 70 million?

零美分ST小编死全家 [网易河南省开封市网友]：

So who sold [the Liulin Xingwu coal mine] to him?

  • Dennis

    SOFA la

  • JAYJAY

    This guy is richer than Lord Sugar…

    • http://www.wtchina.freeforums.org Elijah

      At least Lord Sugar has class. I’d kill for his wardrobe….

      And his garage.

      This guy did a back-door deal with some official to buy coal at about $0.03USD/MT I can tell you right now that even the cheapest price for coal is over $30USD/MT Ex-Works. That works out to be 1,000 times cheaper than what it should be… literally 1.000 times cheaper.

      He might be the richest man there, but I’m guessing some official is secretly the second richest or even richer.

      That’s before you get into the working conditions/death rate or how he got the 80,000,000RMB to begin with…

  • Diana

    cabbage=coal mine. it’s certainly is a heavenly kingdom

    • http://www.chinawhisper.com/ Peter

      There must be some corruption under the deal. Each quick-rich Chinese rich has something dark.

  • http://www.webproxychina.com/ Rod

    Is this coal mine boss that had the skank daughter in The US?

  • typingfromwork

    This is certainly looking like he made someone an offer they couldn’t refuse.

  • Appalled@everything

    My God. That picture looks like something out of ‘One Flew Over The Cuckoos Nest’. This being a shot of all the fucking retards going on a nice scenic walk outside of their mental hospital home.

    • Robert

      Funny. Had a laugh at that!

    • Mikecheck

      Dude, change your name to king of hilarious analogies, because they do look like they’ve all been lobotomized and need their drool dabbed off with a towel!

    • The Enlightened One

      Hahaha! It’s funny because it’s true.

      Especially the guy in the center… I bet that’s is “O” face… a real lady killer for sure.

      • Appalled@everything

        oh jeees, now I am imagining that guy’s O face. thanks a bunch! lol. shudder.

  • Dogbert

    Gangster capitalism.

    • Interested

      So is yeltsin era russia. Fortunately for Russia, Putin jailed those oligarchs and nationalized back oil industries.

      • john digmeme

        He didn’t get all the Oligarchs.
        The fall of communism is very profitable… …for well connected cadres.

    • Marshal

      I signed up for your news letter. When do we get to become the new ruling class?

  • Michael

    I am curious about the safety record of the mines the coal boss has.

    • Hedera

      You’ll never know until one day some major accident happens. Then the government will “take actions”.

    • 平凡人

      The record is like the Chinese News on TV, everything is fine and good. No injuries or fatalities.

    • eattot

      who u r ?

      • terroir

        Yes. It’s important to know the identity of anonymous internet commenters so we can discredit their character and ignore the content of the actual comment or question.

        • eattot

          none your business, you know nothing at this situation…
          go drink a tea….

          • terroir

            妹妹很漂亮

            Really, that’s all that’s left to say in this amazing conversation.

          • eattot

            i’m married, better find other girls to make fun online.

          • terroir

            Yes. You husband must be so proud of his decision to marry you when you ask him “who u r?” whenever he asks you a question.

            What I mean is that your looks are the only thing worth mentioning when talking with you because there’s no use listening to a word you say. so:

            很漂亮

          • hooots

            What?!?!?! My little E-Tot is married?!?!?!?!

            Outrageous!!!!

          • 平凡人

            I am saddened by this news.

          • Foreign Devil

            eattot give your new husband my condolences.

          • notorious

            terror why are you picking on eattot? I’m sure she speaks English better than you speak Chinese.

          • terroir

            @No taurus:
            我了个去 意思是不是我一份资格跟美丽太太说话都没有吗
            其实 你跟他一模一样 不会说道理 只会诽谤人格
            像孩子、像野蛮人
            我普通话跟我讲的理由有什么关系
            为了别人的缺点 不怪我
            如果人才愚蠢 别人的鄙视他们应得了
            你应该不当白马王子
            “衣脱兔“结婚了

          • moop

            “terror why are you picking on eattot? ”

            the same reason we comment to you: you say stupid shit ALL the time. eattot says stupid shit all the time.

            “I’m sure she speaks English better than you speak Chinese.”

            says the woman whose knowledge of the Chinese language extends to “ni bu hou” (it’s 你不好 ‘ni bu hao’ in case you’re still wondering)

          • eattot

            terroir :
            your so rude, you wanna show off that you can know some chinese right?
            “衣脱兔“?????what the hell r u writing????

          • The Enlightened One

            Sorry but I feel terrior’s annoyance.

            Wouldn’t it piss you off, if you were sitting at a table with some people and said something like, “I wonder how many fatalities there are due to gunfire?”. Then some random person suddenly says “Who are you?” to them as if challenging their worth to even ask such a question.

            So eattot, who are you? WHO ARE YOU? HUUUU R UUUUUUUUU?!

          • terroir

            @eattot
            This is your new Chinese nickname.
            eattot in Chinese is “衣脱兔”, or “Yī tuō tù” (transliteration)

            What does it mean?
            衣 Yī means “clothes”
            脱tuō means “to take off” or “to strip”
            兔tù means “a rabbit”

            So while 衣脱兔 sounds like “eattot”, it has a literal meaning of “clothes-stripping rabbit”, or “Bunny stripper”.

    • Chinkicide

      And why are you curious?

  • 平凡人

    There are many rich man in China who got rich through buying State owned enterprises at very low prices; these companies were pereived to be bankrupt. However, once taken over, they became really profitable. The biggest joke of all, the people who bought it were the ones running the cmpany before it went bankkrupt. If the government wants to go after these guys, impossible, too many of them and too many officials involved.

  • Hello

    I hope nobody is trying to justify that because he bought it for cabbage price then he deserves it?? cabbage price? 80 million is no cabbage price…its alot of bribe money to get whatever you want here…give me 80million and it is certainly not cabbage money!!!
    investigate rather on how he got his hands on it and who is working there on what conditions…he wanted to make himself famous now tell us everything….please dont reply…u got nothing to say

    • Skepticist

      If you would want to buy 1.5 billion tonnes of cabbage it would work out to a pretty sum as well. Your difficulties with numbers are probably part of the reason why you don’t have 80 million, and why no one that has 80 million will ever consider giving some of it to you.

      • Hello

        You actually have not read my comment did you? so maybe you got to learn english at wall street english then come back and read…
        and have a little humour for God’s sake!!! i pity you, honestly…its really sad..but hey, its not your fault, you are an angry person so whatever you say, its ooooookay!

        • Skepticist

          If I’d go to Wall street english they wouldn’t want to teach me, they’d want to hire me to teach. I have blonde hair, you see.

          • Hello

            hahahaha!!! thats your greatest wish right? have blonde hair? well sorry my friend but no… not in this lifetime….
            wow i actually fell sorry for you, excuse me if i made you feel bad…your first comment was true…i am stupid and know nothing of money..there…happy?

          • donscarletti

            Hello:

            回去华尔街英语吧，没学完。
            Skepticist 确是个外国人因为语法没有你那么差，希望你的傻逼老外英语老师的头发又浅又帅因为教育能力很弱。

  • dim mak

    The state should maintain a monopoly on resources and key commodities. The Han and Ming dynasties fell in part because merchants gained too much ownership over the empire’s salt and iron monopolies and began to insert private corporate interests into government. While the current CCP still majority/partially owns/commands by force most of China’s financial pillars, I suspect the same historical trend will swing around if they don’t realize it right now.

    • moop

      no they shouldn’t. so they can raise revenue when they want by jacking up prices or through taxation? or subsidize them when they become expensive or indirectly tax people through inflation when economic times are tough and have to print money to keep the subsidy money coming in? so they can exert even more pressure on industries and people that don’t agree or fall in line with them? not to mention that monopolization of industries and resources tend to lead to massive waste, missallocation of resources, and a decline in quality

      • dim mak

        Moralist faggotry.

        Those are all good reasons FOR a monopoly, minus that last one

        Just cuz it’s “not nice” for individuals doesn’t mean it isn’t good for the country

        • moop

          those are why monopolies don’t work. they directly or indirectly hurt people, but just like most chinese you don’t give a shit who dies or is just as long as the gdp grows

          • dim mak

            That’s because national GDP growth is more important than hurting individuals. MUCH more important.

            Deal with it.

            I’d like to see all you preachy faggots try living in a country with low GDP and a shit economy, see what your priorities are then.

          • moop

            “That’s because national GDP growth is more important than hurting individuals. MUCH more important.”
            no its not. people are the driving force behind economies, when they are restricted losses happen. have you ever heard of the United States Postal Service? that my friend is a very well-run government monopoly wouldnt you say?
            waste and missallocation happens more in monopolies than other settings, especially in government monopolies where the government prints fiat currency. this hurts GDP. you think china’s gdp is strong? there are 63 million empty apartments here, the government builds just to meet gdp goals because their economy is largely driven by construction and manufacturing, china also calculates their gdp by counting UNSOLD goods.
            china already has inflation problems and you think it is in the best interest of the country to nationalize all resources and commodities to create an even more dangerous inflationary environment?
            but gdp is all that matters, who cares if building empty apartments and bridges to nowhere create a bubble? the gdp is growing! who cares if you drive yourself off an inflationary cliff through government subsidies or basic commodities, gdp’s up this quarter but it cost twice as much for the farmer to buy mantou. what happens to when you’ve inflated the disposable income out of people’s pockets? you think their gonna consume more to keep boosting the gdp? fuck you

          • moop

            and also fuck my typos

          • dim mak

            Yeah, I’d rather take that risk than have private interests control China’s money. State capitalism is political strength AND wealth rolled into one convenient package.

            The rest of all that is nonsense. All growing economies experience inflation, what China has isn’t particularly severe when put in context of China’s size. And even if it WAS, it’s still irrelevant in the long run. A setback from a burst bubble is just a setback. China’s massive population guarantees a massive economy sooner or later. Your eye has strayed from money to feelings, but most Chinese people aren’t that stupid.

          • moop

            welp, now that you’ve more or less admitted to being a sociopath and a totalitarian, i’d say there’s no point in continuing this conversation. didn’t the chicoms have monopoly on commodities and resources during the great leap forward? that worked out well

          • dim mak

            They did, would’ve worked fine if Mao hadn’t been retarded

            PS: those labels are meaningless in China

          • DRaY

            FUck Dim Mak, faggot loves CHina so much he should live in CHina….haha … but I bet a 1million bucks he doesn’t.

  • Kim Jung iLL

    Not all rich Chinese have connections with the dog government, but 99.99999999999% are.

  • Jack

    Stupid. His daughter is a whore. Muti millionaire and probably has teeth rot in his head like 99% of Chinese. Dresses like a bum with chink fashions. Probably worships Mao and believes in the Moneky King. No folks, money doesn’t equal class. It’s wasted on worthless Chinese who don’t know how to roll like a pro…

    • terroir

      Don’t diss the Monkey King.

    • DRaY

      …and you Sir Jack, beholden with eloquence, appear to be overflowing with class. I shall mail you a cheque for 1 Million Dollars, because these ruffian Orientals need one such as yourself to show them, “how to do this shit,” as the niggers would say.
      Cheers!!

  • david

    who cares how much money he has

    1. he still dresses like an idiot
    2. anyone who needs to show off their wealth is just insecure.
    3. he will die like the rest of us.

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