On July 17, Chinese regulators revealed the takeover of nine banks, with combined properties worth $140 billion. All of them are believed to have links to the Tomorrow Group, a Chinese corporation with interests spanning monetary services, insurance and realty.
The takeover is just the current action in a three-year fight by the Chinese government, aimed at cutting down to size one of China’s most powerful conglomerates whose arms, typically hidden in a dizzying network of shell companies, extended into every corner of China’s monetary sector.
” A banker for the ruling class” was how one paper profile in 2014 described Xiao Jianhua, the bespectacled billionaire creator of the Tomorrow Group. After graduating from the elite Peking University, Mr. Xiao began his career selling computers in the innovation district that abuts the campus.
His profession removed simply as China’s stock market boomed. Part of his success was because of his wise cultivating of political networks, paired with a cravings for risk-taking as he helped handle the wealth collected by China’s elite. By 2016, his ne