China's lonely billionaires hope money can help buy love

BEIJING LETTER: At least 21 of China's 130 dollar-billionaires are lonely men in search of suitable partners

WHERE MAO suits and canvas slippers once ruled, actor Jude Law’s image now sells Dunhill leather jackets, and Swarovski jewellery flashes at passing glitterati. These are some of the wares on offer to China’s 130 dollar-billionaires, the new rich you see fleetingly as they overtake you on Chang’an Avenue in their Maseratis and Daimlers.

But all is not well in the world of China’s super rich. At least 21 of that elite number of billionaires are lonely men who find it hard to meet suitable partners. It’s not all hearts and flowers being a billionaire in China these days.

Forced to focus on building a huge pile of wealth during the early part of their careers, many of China’s filthy rich simply don’t have time, or the inclination, to follow the traditional route and take their parents’ advice on who to marry. Finding the time to socialise is always a challenge when you are busy amassing billions of yuan. What to do? Luckily, the new rich can take some solace in their vast wealth.

The average wealth among China’s richest 1,000 people grew by 30 per cent to €400 million in the past year or so, which is even more than in the boom year of 2007. While money can’t buy you love, it can help in the search for affection.

At hand to assist in the search for love is an enterprising matchmaking organisation, Golden Bachelor, which has organised the Chinese capital’s most expensive party ever – a match-making ball with tickets costing 100,000 yuan, about €10,000, per expensively coiffed head.

Attending the lavish affair at Beijing Jun Wang Fu, a luxury hotel near Chaoyang Park known for its Qing Dynasty-style decor, was a privileged group of 21 single billionaire men and 22 single women.

The women were chosen for the occasion in three ways. Some registered with the Golden Bachelor website, while others won a beauty pageant sponsored by the group, and the remainder were scouted by Golden Bachelor employees, known as “love hunters”, from Chinese cities. The latter two categories did not have to pay for their tickets.

One bachelor surnamed Zhang said the 100,000 yuan ticket price was well worth it if the 40-year-old graduate of a British university met his true love at the ball. He owns a financial software firm in Shanghai.

“When we are branded as billionaires or powerful men, we are forced to stay in very high societal positions, which makes it difficult to find true love,” Zhang told local media.

There is no stigma attached to turning to a matchmaker to help you find a partner in China. Within the traditional Confucian structure, since ancient times, matchmaking was traditionally carried out by the hong niang, which translates as an "auspicious red mother", and even in the bustling financial capital Shanghai, 7 per cent of couples say they met through the work of a matchmaker.

The gap between rich and poor in this still developing country is immense, and you even see it at the billionaire matchmaking balls.

At a previous matchmaking party organised for billionaires to meet eligible women, the average income of the women applying to take part was between 2,000-3,000 yuan (€200-€300) a month.

The event included all manner of pageantry to unlock the hearts of the tycoons, including a “wedding dress show”, where all 22 women put on wedding gowns and paraded in front of the bachelors, who ranged in age from 26 to 46.

There was also a talent show, during which the women sang or danced or cooked Chinese food.

"Every girl has the right to pursue happiness," a 22-year-old surnamed Dai who is studying at an arts university in Nanjing told the China Dailynewspaper. "I just want to avoid the problems I may be forced to face before falling in love. I came to this party in Beijing for free. I do feel precious about this chance to meet many successful and mature men," she said.

Xiao Pu, marketing manager of the Golden Bachelor group, said it was the first time the company had staged this event in Beijing.

Half of the bachelors attending the party were from Beijing, while others came from different provinces, including Guangdong. She said four out of five bachelors at the party found a date. The lion’s share of the men worked in financial services and drove Porsches and Ferraris, while many of the single women were art school graduates, she said.

It’s not just finding love that’s difficult for Chinese billionaires – staying out of jail is also a challenge.

Nearly 30 billionaires who have appeared on the Hurun annual rich list have been charged with bribery or are at the centre of a police investigation, while 19 of the 1,330 business tycoons listed in the past 10 years are either in jail or are waiting for sentencing on bribery charges.

The super-rich with too many problems to deal with can always indulge in some retail therapy. Wealthy Chinese bought one quarter of all luxury goods in the world last year, and this year China will replace the US as the world’s second-largest luxury goods market, according to the head of Gucci. Chinese customers bought 60 per cent of luxury goods when they travelled overseas.

“China will replace the US as the world’s second-largest luxury goods market this year,” said Robert Polet, CEO of Gucci Group, who ought to know these things. “Last year, the wealthy from Chinese mainland purchased one-quarter of the world’s luxury goods.”

“Love cannot be bought. Everybody has the right to pursue their happiness,” wrote one netizen called Endeavor35.

“But can this kind of love last forever? Can real love be bought by money? The answer is no. Yes, you’re rich or you can become rich, but if today this billionaire can buy your love, tomorrow he can easily purchase another beauty.”