Princelings in China amass vast wealth: Report

New York, May 18: As the scandal over the exit of politburo member Bo Xilai continues to reverberate, evidence is mounting that relatives and wards of current and former Chinese VVIPs have also amassed vast wealth. 'Princelings' have also been found to be serving as middlemen to a host of global companies and wealthy tycoons eager to do business in

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"Wherever there is something profitable that emerges in the economy, they are at the front of the queue," New York Times reported quoting China watchers and experts. The princelings are into private equity, state-owned enterprises, natural resources and you name it, any venture, the paper said.

Showcasing the instances, the Times said that Jiang Mianheng, the 61-year-old son of Jiang Zemin, the former Communist party leader was a Chinese partner of the Hollywood's bold move to crack a USD 330 million deal to create a Shanghai animation studio. The venture has the potential to rival the California shops that turn out hits like "Kung Fu Panda" and the "Incredibles".

Jiang senior is still considered the most powerful kingmaker of China's last two decades. Younger Jiang's other business coup include ventures with Microsoft and Nokia and oversights of a clutch of state-backed investment vehicles that have major interests in telecommunications, semiconductors and construction projects.

That a dealmaker like Jiang would be included in an undertaking like that of DreamWorks is almost a given in today's China. Analysts say this is how the Communist Party shares the spoils, allowing the relatives of senior leaders to cash in on one of the biggest economic booms in history, the Times said.

Young Jiang is not alone, the Times said, Wen Yunsong, the son of Prime Minister Wen Jiabao, heads a state-owned company that boasts that it will soon be Asia's largest satellite communications operator.

PTI