Liang Zaizhong, the 35-year-old son of China construction equipment billionaire Liang Wengen, has been appointed chairman of Hong Kong-listed Sany Heavy Equipment International Holdings.
Young Liang has held a range of positions in Liang-controlled Sany Group, including board director of Sany’s Shanghai-listed flagship Sany Heavy Industry.
He holds degrees from the University of Warwick and the John F. Kennedy School of Government at Harvard University, according to an announcement by Sany Heavy Equipment yesterday.
He’ll receive director service fees of 900,000 yuan, or about $130,000, a year.
Sany Heavy Industry President Xiang Wenbo appeared on a list of China’s top multinational CEOs published by Forbes China earlier this month. (See list here.)
Qi Jian, Sany Heavy Equipment’s outgoing chairman, was re-designated vice chairman and will remain CEO.
The elder Liang holds an estimated fortune worth $5.8 billion on the Forbes Real-Time Billionaires List today.
–Follow me @rflannerychina
