Chinese parents gift 24-year-old son $3.8 billion


A multi-billion-dollar gift from his parents turned 24-year-old Eric Tse into one of the richest people in the world. 

Tse became an instant billionaire thanks to the $3.8 billion gift which came in the form of the 2.7 billion shares of his parents Hong Kong company, Sino Biopharmaceutical.

According to Bloomberg, the amount was about a fifth of the companys share capital. It is worth noting that there is no such thing as an estate tax in China.

Tse was also given a promotion in the company, with his parents making him Sino Biopharmaceuticals executive director. He started working there nearly a year ago.

As the companys executive director, he is reportedly set to earn a base pay of half a million dollars annually.

Born in Seattle to Tse Ping and Cheng Cheung Ling, Tse has an older sister Theresa who owns 11% of the company ($1.96 billion). She is currently the companys Chairperson while their mother is the Vice-Chair.

While Forbes now lists Tse as the 546th richest person in the world, the company reportedly said Tse will endeavor not to participate in such rankings in his own name in the announcement of the shares transfer. 

Tse, who has a finance degree from the Wharton School of the University of Pennsylvania, has been known to rub elbows with celebrities even before becoming a billionaire.

On his Instagram account, he has been seen posing with Rihanna, Bella Hadid, basketball star Yao Ming, and Monacos Princess Charlene. In a recent post, he was seen attending the 70th anniversary of the Peoples Republic of China.

Source: https://nextshark.com

Editor's Picks

  • More and more Chinese women seek foreign husbands

  • Top 10 Common Differences Between Western and Chinese Culture

  • White guy hilariously imitates Chinese girls in 4-minute clip

  • 18 pictures that prove autocorrect is ruining our lives

  • English gone wrong, horribly wrong, on shirts in China

  • 24 awesome Chinglish signs

  • Top 100 usefull Chinese phrases

  • Xi'an university implements absurd female urinals to save water

Buy 15 English picture books at 29 RMB

Each package contains 15 books which is initally priced at 299 RMB, anybody who is follower of our WeChat official account is entitled to purchasing this book at 29 RMB only (shipping fee included within mainland China). 

How to Buy:

Option 1: Buy at our Weidian () Panda Guides: Long press the following QR-code

Option 2: please add WeChat: 18115908753 or long press the following QR-code, and send request of "buy book"

Option 3: Buy online at the website of  PandaPayless.com.


Subscribe by Email

Follow Updates Articles from This Blog via Email

No Comments