Born before the Communist Party took power, Zong’s life paralleled China’s transformation from a poor and mostly-agrarian country into the world’s factory floor and its second-largest economy. His wealth, which began with a US$22,000 ($29,546.00) family loan, grew into billions of dollars as Chinese people became ever more voracious consumers.
Zong Qinghou, the self-made billionaire who became China’s richest man by wresting control of the country’s top beverage brand from Danone, has died. He was 79.
The founder and chairman of Wahaha Group died of illness at a hospital at 10.30am on Sunday, according to a statement that doesn’t provide further details on the cause of death or the location of the medical facility. The company said on Feb 22 that Zong was hospitalized for treatment and was in stable condition.
