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|CHINA’S super-rich are not only getting richer Adidas Tyler Seguin Jersey , they are increasingly taking steps to make sure they hang on to their wealth and ensure it stays in the family once they are gone.
Up to 70 percent of those worth more than 500 million yuan (US$80.6 million) — there are 17,000 such individuals in China — share concerns over inheritance, according to a survey by the Hurun Research Institute and China Minsheng Bank.
Some 30 percent of them, who hold a combined wealth of 31 trillion yuan, have taken out insurance policies for the sake of wealth inheritance besides risk management, it said, while 60 percent expressed a desire for personal doctors and access to international hospitals.
The number of China’s high-net-worth individuals with more than 100 million yuan in personal assets rose by 3.9 percent to a new high of 67,000 last year, the report found.
Over the past seven years, the benchmark of making the top 100 rich list has been raised from 700 million yuan to 2 billion yuan, more than doubling their average wealth from 3 billion yuan to 6.4 billion yuan.
China’s opening-up policy is the force behind the success of private businesses which create 60 percent of jobs in China and bolsters its super-rich club, the report said.
The new money is being created by businesses mainly in Shanghai, Beijing, Guangzhou and Shenzhen, of which 60 percent are publicly listed companies and half are involved in manufacturing, property and the technology, media and telecommunication industries.
The super-rich are cautious about future profitability, the report found, with 43 percent expecting it to stay at the current level while 23 percent foresee a drop this year.
But their view of business environment is positive in general, with half of them expecting more convenient financing, better economic conditions, and higher social status for entrepreneurs in the future.
Up to 70 percent of them need financing, mainly from banks, for business expansion, bridging loans, or mergers and acquisitions, and 75 percent have plans to buy companies to combine resources.
Their interest in investment, of which 60 percent is done in the name of their companies, is more about asset appreciation than wealth preservation, the report said, and 80 percent are already investing overseas or thinking about it.
Their motive is to make their businesses more international and spread risks though investment risk evaluation is one of the biggest challenges they face, Hurun said.
A bigger challenge for new money, which will gradually become old money as the super-rich have an average age of 51, is inheritance, with most expressing concerns about their future descendants’ interest in carrying on their business and smooth transitions.
They have also turned to private banking services in relation to wealth management
TORONTO, Aug. 14 (Xinhua) -- The 18-year-old Belinda Bencic of Switzerland beat the fifth seed Ana Ivanovic in straight sets (6-4, 6-2) at Rogers Cup quarterfinals to continue her rise in the WTA rankings.
The Friday's victory was the teenager's fourth of the season against a top-10 ranked player. She previously beat world No. 5 ranked Caroline Wozanaki twice and No. 7 Agnieszka Radwanska.
"I felt amazing on the court, like everything worked," said Bench following the victory in Toronto. "I was just in kind of a flow... I didn't think about the score. I think it was just perfect today."
Since being named the 2013 ITF Junior World Champion two years ago, Bencic has shot up the WTA rankings. In 2014, she started the year ranked 186 before finishing No. 33.
In 2015, Bencic captured her first WTA title in Eastbourne in June and is currently ranked No. 20 in the world.
Bencic will face one of the toughest challenges of her career Saturday against world No. 1 Serena Williams in the semi-finals.
"Tomorrow I'm just going to enjoy the match. I have nothing to lose, so I can totally like go on the court and be just so relaxed," said Bencic. "I hope I will play like today."
Williams defeated Italian Roberta Vinci in straight sets (6-4, 6-3) to extend her undefeated streak in Toronto to fourteen matches and is vying for her fourth Rogers Cup title.
On the other side of the draw, No. 2 seed Simona Halep of Romania advanced to the by defeating defending champion and No. 6 seed, Agnieszka Radwanska of Poland in three sets.
Despite losing the first set 0-6, Halep managed to win the subsequent sets 6-3, 6-1 to claim what was also her 300th career WTA victory.
Halep will face No. 15 seed Sara Errani of Italy, who beat Ukrainian qualifier Lesia Tsurenko in straight sets (6-4, 6-4) in the other semifinal match, tomorrow.
Meanwhile in doubles action, former singles No. 1 Martina Hingis and her partner Sonia Mirza of India advanced to the semis with a victory over the Chinese Taipei sisters, Hao-Ching Chan and Yung-Jan Chan.
Hingis and Mirza will face the No. 4 seeded pair of Caroline Garcia of France and Katarina Srebotnik of Slovenia.
The other doubles match will feature Bethanie Mattek-Sands of the United States and Lucie Safarova of the Czech Republic taking on Kristina Miladenovic of France and Karolina Pliskova of the Czech Republic.
PARIS, April 28 (Xinhua) -- Following are the standings of French Ligue 1 after a rescheduled match on Tuesday (tabulated under matches played, won, drawn, lost, goals for, against and points):
1. Paris Saint-Germain 34 20 11 3 70 33 71
2. Lyon 34 20 8 6 68 29 68
3. Monaco 34 17 11 6 43 23 62
4. Saint-Etienne 34 16 12 6 42 27 60
5. Marseille 34 17 6 11 65 41 57
6. Bordeaux 34 15 10 9 42 41 55
7. Montpellier 34 15 7 12 43 35 52
8. Lille 34 14 8 12 34 33 50
9. Rennes 34 13 10 11 35 39 49
10. Nantes 34 11 11 12 27 34 44
11. Guingamp 34 13 4 17 36 46 43
12. Nice 34 11 8 15 38 44 41
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