Rich Second Generation is a term that has become ubiquitous in China. It refers to the kids of the first generation of self-made Chinese entrepreneurs who first became successful in the 1980s, following China’s economic reform under Deng Xiaoping’s leadership.
Recently, the membership roster of the HAC Sports Car Club surfaced online, and generated much media attention. Most of the 11 members of the elite, low-key club are part of this Rich Second Generation, and their net worth is uniformly more than 10 billion yuan ($1.6 billion).
The golden key to the club?
Any vehicle better than a Porsche Carrera GT, which was first sold in 2004 for $448,000. These members are among the richest of a newly emerged class of China’s nouveau riche -- or at least, their parents are.
Fu Songyang, son of the CEO and chairman of the board of Tangshan Ruifeng Steel and Iron Group, Ltd., is barely 30, and has already collected more than 20 top sports cars. He not only collects and drives the top-shelf vehicles, but also likes to visit locales associated with sports cars around the world.
Jiang Xin, son of the owner of Yixing XinWei Leeshing Rare Earth Company, Ltd., the largest rare earth production company in southern China, has collected sports cars exceeding 200 million yuan in total value, including a Pagani 760RS, which costs 41 million yuan and is one of the only five in existence; a Bugati Veyron convertible and a Pagani Zonda, both valued at 30 million yuan; a Koenigsegg valued at 26 million yuan; and many others.
Jimmy Lin, a Taiwanese actor who purchased his first sports car on his 18th birthday, also opened his own photography studio with six to seven branches at one time that same year, earning the actor 2 million yuan each month.
At 23, he used stock earnings to purchase his first Ferrari, and founded his first race team at 26, breaking the Taiwan International Speedway BMW M3 fastest lap record four times in a single year. Also at 26, he won his first championship at Zhuhai International Circuit, and later became the first international formula driver from Taiwan. At 27, his racing career became more illustrious than ever. He won nine championships that year and became the first paid professional racecar driver in Taiwan.
His net worth is now more than 10 billion yuan, and his luxury sports car collection is rumored to rival international sports car shows. The most expensive car he owns is valued at 60 million yuan.
Yin Xidi, son of the founder of Lifan Corporation, is himself the chairman of Chongqing Lifan Football Club. He shipped the first BMW M3 and M6 in China straight from Germany, with shipping costs alone amounting to 1 million yuan.
The original story appeared on IBTimes China.
Sophie is a graduate of Northwestern University. She covers the emerging markets in Southeast Asia, with a particular interest in foreign investment in the region....