September 25, 2020

How Perenna Kei became world’s youngest billionaire


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20150101jikaiting-154934_copy1From Want China Times

Twenty-four-year-old Perenna Kei obtained shares of her family businesses through multiple companies registered in the and , which helped her surpass Facebook co-founder Dustin Moskovitz as the world’s youngest billionaire last year, China’s state newswire Xinhua reports.

Kei inherited family wealth through trusts and multiple companies, according to a report in the Nanjing-based Yangtse Evening News in November last year. When Longan Property Holdings registered in the Cayman Islands on May 14, 2010, a Codan Trust Company (Cayman) Limited purchased one share of the property firm and transferred it to Kei. In November 2012, the property firm issued 999 shares. Around 939 shares of them went to Perenna Kei while the remaining shares went to three investment companies registered in the Cayman islands owned by her. In May 2013, she registered Kei Family United Limited in Guernsey, which set up a family trust in the same year and listed Kei and her family members, except her father , as trustees.

Ji is chairman of Logan Group and chairman and president of Longan Property Holdings Company, which sells mid to high-end properties in Shenzhen. A manager of a trust company in Shanghai said with these measures Ji has made his daughter the heir to his assets but maintains his control over the property company. Chinese media reports claimed she made her wealth through her talents in businesses and Ji Haipeng has planned to make her his successor.

Although Kei, also known by her Mandarin name Ji Kaiting has kept a low profile and rarely attends public events, she caught the public eye in 2013 when her wealth reached US$1.3 billion because of the group’s listing in and the HK$1.5 billion that the group raised. Kei has been a non-executive member of group’s board since 2013 and holds 85% of shares in Longan Property Holdings through multiple shell companies and family trusts. She came into the spotlight again in March last year when Forbes named her the world’s youngest billionaire.

She became a Hong Kong citizen in 2012 which exempt her from reporting obligations, allowing her father to remove US$1.3 billion from Beijing’s supervision. Kei is believed to currently reside in the trendy Tsim Sha Tsui district of Hong Kong.

IMAGE: Perenna Kei. (Internet photo)

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