The Chinese Coal Boss who paid the “price of cabbage”

A hot story here in China has made a “Chinese coal boss” a household name.
“As rich as a coal boss” has become a slang word here in China which denominates
getting super wealthy.

On March 18th, coal boss 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. ($12m USD)

The extravagance of the coal bosses once again shocked the
ordinary masses.

 

 

 

 

 

 

(Pics of the $12 million USD Wedding)

 

Plundering of state assets is common not only in China but all over
the world. The situation in this case,however, revels an even more
shocking situation where the coal bosses total cost per ton of coal came
in at only $0.06 cents per ton. Instant wealth can be created when you
can arrange a loan from the state owned banks to buy a coal mine at for
nothing.

Recent investigations revealed that the source of Xing Libin’s “first pot
of gold”  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.

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 $0.06 per ton.

 

 

 

 

 

 

 

 

(Xing Li Bin on the right)

 

One comment

  1. [...] China Money reports that after starting out leasing a small rural coal mine in one of China’s poorest provinces Shanxi, Xing Libin somehow managed to pay only the equivalent of $0.06 (6 US cents) per tonne for the 1.5 billion tonne resource at the LiuLin County Xingwu coal mine. [...]

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