According to a new news report Wang Jianlin, the old owner of China's biggest land development company has now emerged as the country's richest person. With an estimated fortune of $14.2 billion this business mogul has taken the top spot in the long list of China's wealthiest. Even though Wang has always been counted among the elite tier of Chinese businessmen, recent regulatory filings suggest that his non real estate businesses are far more profitable than previously estimated. The business magnate is reportedly $US3.2 billion richer than China's second richest man Zong Quinghou who is the founder of “Hangzhou Wahaha Group”, which is the nation's third biggest beverage maker. The chairman of the Dailaan Wanda Group recently took the entertainment industry by storm with the announcement of his $2.6 billion acquisition of the American cinema chain “AMC Entertainment”. According to a media report published in a leading daily the new acquisition helped Wang’s “Wanda Cinema Line” to acquire the coveted position of the largest movie theater chain in the world with an estimated net worth of $US 14.2 billion. The 58 year old billionaire's key to success lies in his diversified business strategies. He heads the board of directors within the Dalian Wanda Group conglomerate. The group’s real estate empire has approximately 148 million square feet of property space under its management. Wang reportedly is also planning to substantially increase his property holdings by more than 65% within the next few years. Some media reports suggest that the billionaire is also accelerating acquisitions overseas with the aim to further consolidate his business holdings. Wang’s foreign business conquest also includes the June 2013 buyout of British based yacht maker “Sunseeker International”, a firm whose luxury boats have been used as props in several James Bond movies. Reportedly the tycoon plans to pump an exorbitant investment amount to the tune of $US 1.6 billion into “Sunseeker International”. According to a recent media statement Wang recently outlined his extravagant plans of buying a luxurious residential complex valued at $ 1 billion along the banks of the Thames River in London. As far as Wang’s family life is concerned, he is said to be the oldest among five brothers and was born in a military family residing in western China. The business magnate is also known for his prominent love for music since he sings Tibetan and Mongolian songs at Wanda annual meetings.