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Developer is China's richest tycoon

A billionaire Chinese property developer who bought one of the biggest American cinema chains has emerged as his country's new richest tycoon.

The Hurun Report said a surge in stock prices helped to boost the number of China's dollar billionaires by 64 to 315 this year, compared with none a decade ago. The top five saw their wealth double.

Wang Jianlin, whose Dalian Wanda Group operates hotels, cinemas and department stores, was ranked No 1 for the first time with a fortune of £14 billion, eclipsing last year's richest, beverage entrepreneur Zong Qinghou.

Mr Wang's company bought AMC cinemas last year for £1.6 billion in the biggest Chinese acquisition yet of a US company.

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