Subscribe free to our newsletters via your
. 24/7 Space News .

Asia's richest man buys 60 aircraft in $2.5 billion deals
by Staff Writers
Hong Kong (AFP) Nov 05, 2014

China film mogul buys van Gogh masterpiece for $62m: report
Beijing (AFP) Nov 05, 2014 - One of China's richest men has bought a Vincent van Gogh masterpiece for nearly $62 million, reports said Wednesday, becoming the latest tycoon to make an eyebrow-raising art purchase.

Wang Zhongjun, chairman of the high-powered Huayi Brothers film studio, bought van Gogh's 1890 painting "Still Life, Vase with Daisies and Poppies" Tuesday for $61.8 million, according to Shanghai-based news site The Paper.

The painting, which was auctioned by Sotheby's in New York, had been valued at $30 to $50 million, the report said.

A Huayi Brothers representative did not immediately respond to a request for comment from AFP.

The purchase makes Wang the latest wealthy Chinese businessman to make a splash on the international art scene.

Last year, tycoon Wang Jianlin's Wanda Group bought the 1950 Pablo Picasso painting "Claude and Paloma" for $28 million, more than double the high estimate of $12 million.

At the time, the company came under fire for the extravagant purchase, with some Chinese Internet users questioning Wang's patriotism and the painting's value.

Wang Zhongjun came under similar criticism on Wednesday.

"One madman buying a painting by another madman," one user wrote on Sina Weibo, a Chinese equivalent of Twitter.

"This is how he spends all the investors' money? What a waste," wrote another.

A property flagship led by Asia's richest tycoon Li Ka-shing said on Wednesday it plans to buy up to 60 passenger jets in a series of transactions that amount to more than $2.5 billion.

The Hong Kong businessman made his first major foray into the aviation industry in August by announcing plans to buy into Irish aircraft leasing group AWAS, and the new purchases expand his investments into a field that can yield stable and long-term cash flow, analysts have said.

A filing written by Cheung Kong Holdings for the southern Chinese city's Stock Exchange late Tuesday said that the plan was to buy the Boeing and Airbus aircraft from GE Capital Aviation Services Ltd, BOC Aviation Pte, Jackson Square Aviation, LLC, and MC Aviation Partners Inc.

The company confirmed Wednesday that the total number of jets was around 60.

The deals are worth a total of more than $2.52 billion, Dow Jones Newswire reported.

Li is reaching out to the sector as premium airlines cut costs amid fierce competition from a growing number of budget carriers in Asia.

Last year, China lifted a six-year ban on creating private airlines, helping fuel demand for aircraft.

The deals also include acquisitions worth $800 million made through a joint venture formed with a subsidiary of Japanese Mitsubishi Corp, Dow Jones reported.

Li commands a vast empire through Cheung Kong Holdings and conglomerate Hutchison Whampoa, with global assets in property, telecoms, utilities, ports and retail.

In August, the property flagship announced plans to purchase Dublin-based AWAS in a $5 billion deal that involve 100 aircraft.

-- Dow Jones Newswire contributed to the report --

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only


Related Links
Aerospace News at

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

US pressure prompts S. Korea pullout of China airshow
Seoul (AFP) Nov 05, 2014
South Korea Wednesday scrapped its plan to send a pair of supersonic military jets to a Chinese airshow next week, citing pressure from the United States. The South's air force had planned to dispatch T-50 trainers to the November 11-16 airshow in China's southern city of Zhuhai, as part of a military exchange between the two countries, a defence ministry spokesman said. But the plan was ... read more

China examines the three stages of lunar test run

NASA's LRO Spacecraft Captures Images of LADEE's Impact Crater

New lunar mission to test Chang'e-5 technology

Next Chinese mission to moon will return to Earth

You can't get to Mars, but your name can

A One Way Trip to Mars

Mars 2020 Will Continue Search for Habitability

NASA Seeks Ultra-lightweight Materials to Help Enable Journey to Mars

NASA Program Enhances Climate Resilience at Agency Facilities

SpaceShipTwo Manufacturer May Face Setback After Crash in California

Eye-catching space technology restoring sight

Virgin crash sets back space tourism by years: experts

China's Lunar Orbiter Makes Safe Landing, First in 40 Years

China's First Lunar Return Mission A Stunning Success

China completes first mission to moon and back

Wenchang to launch China's next space station

Students text International Space Station using a 20-foot antenna

Student Experiments Lost in Antares Rocket Explosion

NASA to work with cargo partners despite rocket crash

Russian space station resupply rocket launches, docks at ISS

Soyuz Installed at Baikonur, Expected to Launch Wednesday

Arianespace signs contract with ELV for ten Vega launchers

NASA Completes Initial Assessment after Orbital Launch Mishap

FY 15 launch schedule kicks off with GPS IIF-8 liftoff from 'The Cape'

VLTI detects exozodiacal light

Yale finds a planet that won't stick to a schedule

In a first, astronomers map comets around another star

Getting To Know Super-Earths

NMSU chemistry research could contribute to multiple applications

Active, biodegradable packaging for oily products

E-waste inferno burning brighter in China's recycling capital

Reverse engineering materials for more efficient heating and cooling

The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.