(Photo : China's richest man Wang Jianlin)

The prestigious global business and finance magazine, Forbes, has recently announced that China's richest man is now real-estate developer Wang Jianlin, whose assets and fortunes now total $14 billion.

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Wang, who is the chairman and CEO of the Dalian Wanda Group, saw his wealth grew tremendously after the company was given the approval to list in the restricted Hong Kong stock market, Forbes said.

Wang has overtaken the chairman and CEO of Hangzhou Wahaha Group, Zong Qinqhou, who was named China's richest in 2012. Zong's total assets and fortunes were pegged at around $11 billion. Wahaha is the leading beverage company in China.

$7.4 Billion Shares In Wanda

According to Forbes Magazine, Wang's shares in Wanda Commercial Property reached $7.4 billion. Aside from the real estate company, Wang also wholly owns Wanda Department Store.

Wang's fortune started to grow tremendously in 2012 when the 58-year-old tycoon announced the acquisition of US cinema chain AMC Entertainment Holdings for $2.6 billion. Early this year, the Dalian Wanda Group announced its intention to bid for Sunseeker International, a British yacht maker.

The announcement by Forbes was made ahead of its official release of the 2013 China's Richest People list. Forbes List of China's 100 Richest for 2012 was dominated Zong Qinqhou who was in first place, followed by Robin Li and Wang Jianlin on the second the third places respectively. In fourth place was Ma Huateng while Wu Yajun and family placed fifth.

Bloomberg Also Names Wang As China's Richest

It is not only Forbes that named Wang as China's richest man. Last month, the Bloomberg Billionaires Index placed Wang on top of the list.

According to people behind the Bloomberg Billionaires Index, Wang's real estate business covered a gross floor area of 148 million square feet and the Chinese tycoon aims to further expand his property business by 68 per cent next year.

According to Wanda's statement posted on its website, the group's revenue last year reached $26 billion, with commercial real estate taking 76 per cent of the Wanda's first half revenue so far this year.