Chinese developer declared new richest tycoon

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A billionaire Chinese real estate developer who bought one of the biggest U.S. cinema chains last year has emerged as his country's new richest tycoon.

The Hurun Report said Wednesday a surge in stock prices helped to boost the number of China's dollar billionaires by 64 to 315 this year, compared with none a decade ago. The top five saw their wealth double.

Wang Jianlin, whose Dalian Wanda Group Co. operates hotels, cinemas and department stores, was ranked No. 1 for the first time with a fortune of $22 billion. He passed last year's No. 1, beverage entrepreneur Zong Qinghou.

Wang's company bought AMC cinemas last year for $2.6 billion in the biggest Chinese acquisition of a U.S. company to date.

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