Liu Yiqian

Liu Yiqian (, pronounced, born 1963) is a Chinese billionaire investor and art collector. An autodidact who formerly worked as a taxi driver, he has built his fortune since the mid-1980s by investing in stock trading, real estate[1] and pharmaceuticals.[2]

Biography

Born in 1963 into a working-class family in Shanghai, Liu Yiqian dropped out of school at the age of 14, in order to help his mother to sell handbags on the street. Then he became a taxi driver in Shanghai for two years in the mid-1980s, before making his fortune in the 1990s as part of the new rich who emerged after China's reform and opening-up policy. He bought shares, paying around 160 yuan ($30) a share, of a Chinese company which became one of the first to list on the stock exchange as China began developing its capital markets. As a consequence, in just two years, the share price jumped to over 10,000 yuan. Liu increased his fortune by touring the major cities to buy up shares in state-owned enterprises from their market economy from unaware employees before these enterprises listed.[3][4]

He met his wife Wang Wei as he was a taxi driver in Shanghai, after Liu saw a photograph of Wang at a mutual friend's place. They have three daughters and one son.

Business

Liu is chairman of Sunline Group, a Shanghai-based investment company.[5] As of 2010, the value of his real estate properties have increased to 10 billion yuan (US$1.6 billion) over the past 19 years.[6]

In 2004, Liu established the companies Tianping Auto Insurance and Guohua Life Insurance. In April 2013, Tianping formed a joint venture with AXA.[7]

According to Forbes, as of July 2015, Liu has a net worth of US$1.37 billion. He ranked as the 163rd wealthiest individual in China and 1,533rd wealthiest in the world.[5]

Art collecting

In 2011, Liu combined two separate pieces by Qi Baishi to make Eagle Standing on Pine Tree, which sold at auction for over $65 million USD through China Guardian.[8] The sale gained international attention after the successful bidder refused to pay, claiming that the painting was a forgery.[9]

In April 2014, Liu paid HK$281.24 million ($36.3 million USD) for a 500-year-old Ming dynasty doucai chicken cup.[10][11]

In March 2015, he paid HK$348 million ($45 million USD) for a 600-year-old embroidered silk thangka (tapestry) that was commissioned by the Yongle Emperor of the Ming dynasty.[12] It was a record high price for a Chinese work of art sold by an international auction house.[13][14] Later that month, he bought an antique Tibetan bronze yogi sitting in the lotus position at an auction at Sotheby's in New York.[13]

In April 2015, he paid US$14.7 million for a Guan ware vase from the Southern Song dynasty.[15]

In November 2015, he bought Italian painter Amedeo Modigliani's Nu couché (1917–18), a widely known painting of a reclining nude woman, for US$170.4 million, the second-highest price for an artwork at auction, in a volatile sale at Christie's in New York.[16] He paid for the painting with his American Express Centurion card.[17]

Long Museum

Liu and his wife Wang Wei founded the Long Museum, with two locations in Shanghai.[18] In 2016, a third location was opened in Chongqing and a Wuhan branch is scheduled for 2018.[19]