Beijing has replaced New York as billionaire capital of the world, according to the Hurun Global Rich List 2016. Hurun noted that out of a record 2,188 billionaires in 68 countries and regions, China took 568 places on the list with 100 of them based in the capital. The addition of 90 wealthy Chinese to the list this year compared to 2015 also meant that the nation overtook the U.S. in total numbers of ultra rich for the first time. The number of billionaires in the world grew by 99 to a record high of 2,188 last year, with mainland China, Hong Kong, Macao and Taiwan providing 90 of the new entries. China’s billionaires had a combined net worth of USD1.4 trillion. Leading the Chinese billionaires list is Wang Jianlin, 61, Chairman of the Dalian Wanda Group, China’s largest real estate developer and the world’s largest movie theater operator. According to Hurun, Wang has USD26 billion worth of personal assets and ranks 21st on the list, two places ahead of Li Ka-shing, Founder of Hong Kong-based Cheung Kong Holdings. Jack Ma, 51, Founder and Executive Chairman of Alibaba, is ranked 36th, with USD21 billion. Topping the list are Microsoft Founder Bill Gates and investor Warren Buffett. The combined wealth of the billionaires’ club expanded by 9% to USD7.3 trillion, higher than the GDP of Germany and the UK put together, and equal to almost half that of the U.S. China’s richest individuals contributed USD1.4 trillion of the total, close to the GDP of Australia, the Shanghai Daily reports. China accounted for 69% of the world’s self-made billionaires who did not rely on parents for their wealth and has the highest number of self-made women, 93 out of a total of 124. Beijing was named the billionaire capital of the world with 100 billionaires, followed by New York with 95 billionaires. Shanghai, Hangzhou and Shenzhen were among the top ten cities for numbers of super-rich.

Home appliances and consumer electronics maker TCL Corp is setting up a CNY10 billion fund with Tsinghua Unigroup, China’s largest chipmaker controlled by Beijing-based Tsinghua University, for mergers and acquisitions (M&As). The fund will also be used for direct investment in the chip-making industry, TMT, and the government’s key economic initiatives, including “Made in China 2025” and “Internet Plus”. “The establishment of the fund will promote the future industrial upgrading and development of both parties,” Li Dongsheng, Chairman of TCL Corp said. Both companies are now expected to strengthen collaboration in a number of fields, including in the intelligent mobile terminal, semiconductor and capital market. Tsinghua Unigroup became the third-largest shareholder of TCL when it bought CNY1 billion worth of TCL shares through a subsidiary. “As a technology company, Tsinghua Unigroup is a leader in chip and semiconductor manufacturing, while TCL serves as a terminal electronics products provider. The two sides could complement each other’s advantages and achieve further development in the technical field though establishing the fund,” said Zhao Weiguo, Chairman of Tsinghua Unigroup. In 2015, Tsinghua Unigroup announced plans to invest CNY300 billion over the next five years to become the world’s third-largest chipmaker, the China Daily reports.

Beijing-based tech company Unisplendour Corp has pulled out of a proposed USD3.8 billion investment in the U.S. disk drive maker Western Digital Corp because the Chinese firm deems the U.S. government would not approve the deal. Unisplendour, a subsidiary of Tsinghua Holdings, said the decision was made after the Committee on Foreign Investment in the United States (CFIUS) announced it will investigate the deal for security reasons. The Chinese company had been attempting to purchase a 15% stake in Western Digital since September. The deal would have made Unisplendour Western Digital’s largest shareholder and given it a board seat in the California-based company which sells hard drives to a long list of U.S. government agencies. Both companies said they would still set up a USD158 million software joint venture, with the Chinese firm holding a 51% stake. Western Digital is bidding for flash-memory manufacturer SanDisk Corp but has trimmed its offer after Unisplendour canceled its investment. It was the third time this year that an investment plan was stranded because of security concerns from the U.S. Gene Cao, Principle Analyst at Forrester Research, said the scrapped deal adds uncertainties to future tech acquisitions. “Recent failed acquisitions underlined Chinese technology companies will find increasing difficulty when buying out a U.S. firm in both hardware and software segments,” Cao said, as reported by the China Daily.

Dodgy real estate agencies can make buying a new home a nightmare. The number of complaints about real estate companies made to the Shanghai Consumer Rights Protection Commission last year soared by 40% to over 790. More than 50%of complainants are unhappy with the quality of service they receive and many complain of dishonest practices. Agencies lie about prices and other information, and continue to advertise attractive properties that are already sold to lure potential buyers, the investigation found. The real prices of about 41% of apartments on the market are on average 23% higher than the figure stated by brokerages. Other concerns include agents not allowing buyers and landlords to meet, telephone harassment and the imposition of extra fees. Agencies are also less than honest on the condition of properties – 56% do not match the description offered. A Shanghai Commission of Housing and Urban-rural Development Management official said the government is looking at ways to improve regulation of the industry, the Shanghai Daily reports.

Sales of children’s toys are projected to climb to CNY97.52 billion by 2019 in China. According to Euromonitor International, toy sales reached CNY58.03 billion in 2014 and CNY63.4 billion in 2015, and are likely to net CNY69.82 billion this year. Clover Wei, Senior Associate at EI, said sales of traditional toys and games in 2014 and 2013 grew but at slower rates of 9% and 9.7%, respectively. Products that encourage children to participate in outdoor activities sold well in 2014. “Parents are increasingly aware of the academic workload their children bear, and they believe products that require children to play outdoor can effectively relieve their stress,” she said. Moreover, teamwork and team spirit are possible through outdoor activity, sports toys, radios and remote control toys, she said. Domestic toy brands have dominant market positions. Guangdong Alpha Animation & Culture Co took the biggest retail market share of 5.5% in 2014, followed by Shanghai Yaoji Playing Cards Co with 3.1%. Lego Group from Denmark has outpaced other international brands in China. It ranked No 3 with a 2.3% market share in 2014, thanks to its focus on Asia. Lego is building its first factory in Jiaxing in Zhejiang province to serve the increasing demand for its products. The factory will become fully operational in 2017, the China Daily reports.