Taking a break from practicing martial arts, China’s Shaolin Temple turned into a real estate tycoon, dividing plots to sell land?
On the morning of April 6, Zhengzhou city, Henan province, China registered to sell a commercial land. Tiesong Digital Technology Company then won the bid for the project with a starting price of 452 million yuan (equivalent to 1,600 billion dong). This land area with an area of about 38,200m2 will be used to divide plots for sale, wholesale markets, food services, hotels and finance.
In December 2020, the Zhengdong New District Management Committee also implemented a plan to industrialize the land, and consider the project as a cultural industry item – where literary performances take place, art exhibitions, hotel construction and serviced apartments.
Specifically, the project includes a cultural and performance center with a construction area of about 6,000m2, an art exhibition house with an area of about 3,000m2, a cultural and creative industrial park with an area of about 11,000m2. and an international park with an area of about 18,000m2. 5-star hotels and serviced apartments with an area of about 19,200m2 can be sold to the outside.
Most notably, the two main shareholders of Tiesong Digital Technology Company are Henan Tietou Comprehensive Development Company and Henan Yuanhan Industry Company (hereinafter referred to as Yuanhan Industrial) with the second ownership ratio. are 51% and 49% respectively. In particular, the last beneficiary is monk Thich Vinh Tin, currently the Abbot of Shaolin Temple in Ha Nam province.
From an equity perspective, Thich Vinh Tin currently holds 80% of shares in Shaolin Ha Nam Asset Management Company – which holds 70% of Yuanhan Industrial’s share capital.
The above information caused a stir in the social networks of the country of billions of people. In 2015, there were also rumors that the Shaolin Temple would develop overseas real estate projects, build a 4-star hotel and golf course in Australia.
It is known that monk Thich Vinh Tin left home to practice Buddhism at the age of 16 at the Shaolin temple. In 1987, he assumed the position of director of the Temple Management Committee.
Since taking the position of staff, witnessing the ruin of the Shaolin Temple, monk Thich Vinh Tin has advocated economic development to flaunt the prestige of the Shaolin Temple. In 1998, he founded the Shaolin Henan Asset Management Company, helping the temple expand its business, including culture, medical services, fashion and a number of other fields.
Business has grown so much that in 2013, Shaolin Temple filed for an IPO on the Hong Kong Stock Exchange (China). However, the temple’s application was later rejected due to concerns that excessive commercialization would tarnish the temple’s image.
In a 2011 speech, Shaolin Temple revealed that it had more than 40 overseas subsidiaries with the goal of spreading Buddhist-inspired martial arts globally.
“We currently operate more than 40 companies in many cities around the world, such as Berlin and London.”
Monk Thich Vinh Tin
Having great merit in building a huge business “empire”, in 2015, monk Thich Vinh Tin was exposed to the scandal of having an illegitimate child and embezzlement of public funds. Although the temple side denied all rumors, monk Thich Vinh Tin then appeared less in public to avoid gossip.
Source: Gamingsym
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