- The family of Tse Ping and Cheng Cheung Ling have gifted their 24-year-old son, Eric Tse, shares worth $3.5 billion
- While the son and the family have refused to comment on the actual gift, Eric said that he would want the wealth ascribed to his family
- With the new transfer of wealth, the 24-year-old son was made one of the world's billionaires overnight
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Money does not only make living enjoyable, but the act of distributing family wealth is also an enviable thing. One of China’s richest families, according to Bloomberg, gave their 24-year-old son a whopping $3.8 billion gift.
The family, also a founder of Sino Biopharmaceutical Ltd, transferred around a fifth of their company’s share capital to their son, Eric Tse, an act that instantly made him one of the richest people in the world.
It should be noted that this is not the first time there is a passing down of wealth to the next generation. In 2018, four Chinese families transferred more than $17 billion into a family trust.
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The company, Sino Biopharmaceutical, and the son never responded to messages asking for comments on the billion gift.
While Eric was born in Seattle in the US, he attended primary school in Beijing and secondary school in Hong Kong before graduating with a finance degree from the Wharton School of the University of Pennsylvania.
Eric has, however, said that he will try to keep a low profile so as to discourage efforts by media organisations to put on global wealth rankings, adding that he would want the fortune ascribed to the Tse Ping family.
In another statement on Wednesday, 6 May, the company named Tse the executive director and member of the Sino Biopharmaceutical’s executive board committee.
His shares would be held in holding companies like Thousand Eagles Ltd. and Remarkable Industries Ltd.
It was gathered that the latest purchase is an “interesting move” because she is known as Calabasas-centric in her real estate business.
The house, a single-story modern house, is said to have 15 350 square feet. It also has a dedicated guardhouse.
Added to those is that the house is a complete entertainment palace as it has an outdoor projection screen, home theatre, game rooms, and championship standard basketball court.
In other news, a Nigerian lady with the Twitter name Debbie of Abuja, claimed that she is the child in green attire in one of the official iconic pictures of Olusegun Obasanjo with other leaders that emerged online.
Though the date the pictures were taken could not be ascertained, one of them had the past president of the US, Jim Carter, in it.
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