Electronics boss is richest mainlander

The richest man in China is 35-year-old Huang Guangyu, the founder of GoMe Appliances, China's largest electronics retailer, with a fortune of US$1.3 billion, a survey has found. In the latest list of China's 100 richest people, compiled by EuromoneyChina, Huang ousted last year's No. 1, William Ding Lei of NetEase.com, who slipped to the seventh position. Huang first set up business with his brother 18 years ago, using a US$3,600 bank loan to sell low-end electronic household appliances. In total, the combined worth of China's 100 richest grew 29% on 2003, totaling more than US$30 billion. By far the greatest proportion of those on the list made their money in real estate.