Rich pickings for voyeurs

Richard Liu’s arrest has set the Chinese internet abuzz.

The arrest of Chinese billionaire Richard Liu, the founder of JD.com, in the US at the weekend has thrown a spotlight on the lives of China’s new rich and famous.

While the movie Crazy Rich Asians, based on the book by Singaporean expat Kevin Kwan, has been playing in the US and Asia, mainland China would prefer its newly wealthy took a lower profile.

But the arrest and subsequent release of the 45-year-old businessman on suspicion of criminal sexual misconduct has become the talk of social media in China and the subject of questions to its Ministry of Foreign Affairs, as well as being followed by media around the world.

Liu’s arrest and release without charge came as he was attending a one-week residency for a doctorate of business administration at the University of Minnesota.

His office has released a statement saying that he was the ­subject of “unsubstantiated” allegations, strongly denying he has done anything wrong.

Known as the “Jeff Bezos of China”, after the Amazon founder, Liu is worth an estimated $US10 billion ($13.6bn) through his 16 per cent stake in JD.com, which is listed on New York’s Nasdaq exchange.

He ranks as one of China’s richest men who have ridden the country’s online and shopping bonanza, including Alibaba founder Jack Ma and the more low-key founder of Tencent, Pony Ma (no relation), whose company developed China’s ubiquitous WeChat messaging and online commerce platform.

Each have their own story of self-made fortune, with different characters, with China’s gossip-obsessed social media “netizens” following their every move.

Their high-profile international lives provide a sharp contrast with the staid demeanour of China’s party officials regularly depicted in the country’s media.

After his release, Liu returned to Beijing where JD has its head office in a business park south of the capital, keeping a low profile.

Speculation has been running wild in China’s thriving social media platforms about what happened and the impact of the news on his angelic-faced wife Zhang “Nancy” Zetian, 19 years his junior. The couple have strong ties with Australia. They have been frequent visitors to holiday ­islands in Queensland and also to Sydney, where they are reported to have a luxury apartment in The Rocks and a $36 million home in Vaucluse.

Zhang is known in China as “Sister Milk Tea” after a video posting of her with a glass of milk tea went viral on social media.

The two married in Sydney in October 2015.

Zhang has also been involved in supporting the launch of ASX-listed babyfood company Bubs Australia, which has a distribution contract in China with JD.com.

Bubs is backed by Brisbane businessman Albert Tse who is married to Jessica Rudd, the daughter of former prime minister Kevin Rudd.

The Liu family was reported as having a 17 per cent stake in Bubs when it launched on the ASX in 2016. At its launch, Bubs was also backed by the Stokes family and Ellerston Capital.

A member of the Chinese People’s Consultative Conference, Liu has sought to raise his profile overseas in recent times, speaking at the World Economic Forum in Davos this year at a lunch that included executives from US retail giant Walmart and sportswear company Adidas.

But he fought hard in the NSW court system this year to prevent his name being released in a sexual assault case against another Chinese businessman.

The case involved a 20-year-old Sydney woman who met the businessman at a Sydney dinner party at Liu’s Sydney apartment in December 2015.

The woman alleges she was given wine to drink by some other men at the party (not Liu). One ­offered to help her get home but instead took her to his hotel room where the alleged assault took place. The woman told the court that she was invited to the dinner party by a friend and was excited at the prospect of meeting one of China’s richest men.

In the NSW District Court in July this year, the businessman Longwei Xu was found guilty of offences including indecent assault, and having sex with a woman without her consent.

JD.com’s small red and white delivery trucks are a familiar site around China distributing the millions of goods Chinese buy online every day.

The company has more than 150,000 employees around China and has been moving to expand its operations offshore.

Walmart has a 10 per cent stake in JD.com, with Tencent owning 18 per cent and Liu about 16 per cent.

Liu’s personal style is very different from the 53-year-old Jack Ma, who also has strong links with Australia.

As a young boy in Hangzhou, south of Shanghai, Ma met the family of a family from Newcastle who befriended him and helped him with his English.

The family paid for a visit to Australia where he got one of his first tastes of the West, and also helped him financially.

Ma has repaid the favour by making a donation to the University of Newcastle and setting up a scholarship scheme for students to come to China and visit his Alibaba headquarters.

So far no charges have been laid against Liu and his lawyers say none are likely to be laid.

But with money and power at stake, his fortunes will now be closely watched for an insight into China’s super wealthy.