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

Xing Libin with Liulin county government officials.

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?

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Written by Fauna

Fauna is a mysterious young Shanghainese girl who lives in the only place a Shanghainese person would ever want to live: Shanghai. In mid-2008, she started chinaSMACK to combine her hobby of browsing Chinese internet forums with her goal of improving her English. Through her tireless translation of popular Chinese internet news and phenomenon, her English has apparently gotten dramatically better. At least, reading and writing-wise. Unfortunately, she's still not confident enough to have written this bio, about herself, by herself.

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