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In September 2018, Jiang Xin posted an eye-popping 410,000 yuan catering bill on his personal social media. The photos clearly show each delicacies and their high prices, including wild yellow croaker, abalone, caviar and even crocodile tails, all of which cost 410,000 yuan for the ingredients alone.
In addition, Jiang Xin also bought 480,000 yuan worth of top wine that night, and the consumption of this meal alone was close to one million yuan.
For ordinary people, this is simply an astronomical expenditure, but for Jiang Xin, it is just a "small meaning". He confidently posted a Bugatti Veyron sports car worth more than 3,000 yuan next to the photo of the order, and his footprints were engraved on the body.
As the only son of the Jiang family, Jiang Xin has lived in a luxurious environment since he was a child, and he has long been accustomed to the lifestyle of spending money.
His father, Jiang Quanlong, has been at the top of China's rich list for many years, and his family has a net worth of tens of billions and is known as the "rare earth king". It can be said that Jiang Xin's paranoid hobby of luxury goods is inextricably linked to the huge wealth accumulated by his father.
Jiang Xin's luxurious life makes it hard to imagine that his father, Jiang Quanlong, was once an obscure poor migrant worker. In 1952, Jiang Quanlong was born in a poor rural family in Yixing, Jiangsu.
Despite the family's poor circumstances, the parents still pinned all their hopes on their son's education, believing in the power of knowledge to change destiny.
After leaving his hometown, Jiang Quanlong's first job was as a general worker in a local refractory factory. For this rural youth, who had never been exposed to urban life, the factory environment was undoubtedly strange and difficult.
But Jiang Quanlong was never afraid of difficulties, he was conscientious and studied hard, and soon became familiar with a superb skill, and personally brought out many apprentices. With his hard-working and hard-working qualities, all the salary he saved was used to selflessly support his parents.
In this way, the years passed like a white horse. One day in 1982, a refractory factory in Kaifeng City, Henan Province, encountered technical difficulties, and they approached Jiang Quanlong's factory for help.
After learning the news, Jiang Quanlong immediately stood up, and after tireless efforts, he finally helped the factory solve its urgent need. His outstanding performance not only won the high appreciation of the Kaifeng factory, but also was hired as the deputy director of the factory, with a monthly salary of 76 yuan.
In this way, Jiang Quanlong came to Kaifeng City, Henan Province with a vision and pride for the future, and devoted himself wholeheartedly to his new work. Over time, his personal skills and reputation grew in the local area, and he soon became a well-known technical expert in the province and beyond.
In addition to receiving high salaries and benefits in the factory, Jiang Quanlong often travels to the land of the motherland to communicate with elites from all walks of life. It was in the process that he stumbled upon an emerging and mysterious material – rare earths.
After coming into contact with rare earths, Jiang Quanlong suddenly realized that this new material has irreplaceable strategic value and boundless development prospects in key industries related to the national economy and people's livelihood, such as national defense and military industry, aerospace science and technology.
So, in the summer of 1984, with the ambition to change his fate, Jiang Quanlong decisively resigned from his job as an "iron rice bowl" and founded a small refractory factory in his hometown with only 3,000 yuan in savings at that time.
With decades of experience in the industry, coupled with the network resources he has made over the years, Jiang Quanlong quickly accumulated a considerable amount of entrepreneurial capital in just 3 years.
At the critical moment when he was preparing to do a big job, Professor Xu Guangxian, a leading expert in the field of rare earth separation and purification in China, appeared in his field of vision.
Professor Xu is not only the inventor of the revolutionary technology of "cascade extraction", but also a leader in the rare earth industry. After some negotiations, Professor Xu Guangxian eventually became Jiang Quanlong's close friend and gave great help in his later entrepreneurial journey.
In 1987, with the full support of Professor Xu, Jiang Quanlong founded the first rare earth separation plant in Jiangsu Province. Not long after, the following year he established the country's first rare earth smelter.
With the spring breeze of reform and opening up, Jiang Quanlong's rare earth business has taken off rapidly, like an eagle with wings flying high.
In the blink of an eye, in 1999, with extraordinary leadership and superhuman foresight, Jiang Quanlong fully integrated the rare earth resources in his hands and founded the so-called "Xinwei Group".
The reputation of this group has spread far and wide, and it has attracted the attention of both China and the world.
In the second year of listing, Sunway Group's business territory has expanded all over the world, and its annual sales have soared to an astonishing figure of 600 million yuan. Since then, Jiang Quanlong's wealth has begun to rise rapidly, and he has been at the top of China's rich list since 2001.
In the following ten years, Xinwei Group sat firmly on the throne of the industry leader, and its performance continued to rise. Especially in the golden period from 2004 to 2011, the group's annual net profit rose from the initial 80 million US dollars all the way to an astronomical figure of 400 million yuan! By 2013, Jiang Quanlong, who had been born in poverty, finally became one of China's business giants and became a household name as the "rare earth king."
Just when Jiang Quanlong's career map was soaring, a sudden change completely disrupted the Yangguan Avenue of the Jiang family's father and son. In 2011, the state began to implement strict supervision and rectification on the mining and export of rare earth resources, and successively issued a series of control policies.
As the largest rare earth trader in China, Xinwei Group has been hit hard like never before, and has been mired in losses for several years.
Seeing that the career he had worked hard for decades began to drift away, Jiang Quanlong's life focus also deviated from the track. Gambling has become a habit that he can't extricate himself from, and he has to lose his money wherever he goes.
It is rumored that he once had gambling debts of up to HK$100 million, which shows the depth of his investment. However, just when his career and life were at a low point, Jiang Quanlong was unaware that the crisis was in front of him.
What is even more ironic is that Jiang Xin, the only son of the Jiang family, has a more erosive and luxurious lifestyle than his father! As a typical rich second-generation background, Jiang Xin has lived in a wealthy mansion since he was a child and lived a carefree life.
He graduated from the University of Manchester and the University of Wales in the UK, majoring in Business and Finance.
Although he is good at learning, Jiang Xin's biggest hobby and pastime is collecting expensive luxury cars and sports cars. In his private garage, dozens of supercars worth more than 100 million yuan are parked, ranging from Ferrari to Bugatti Lindbergh.
Among them, the most valuable one is a Bugatti Veyron supercar with a price of more than 30 million yuan, and the body is printed with Jiang Xin's own footprints.
At the same time, Jiang Xin also has a fanatical preference for luxury dining. On September 18, 2018, he posted a photo of a jaw-dropping bill on his personal social media.
For ordinary people, this is simply an astronomical amount that is unattainable. However, for Jiang Xin, this is just a "small case". In front of everyone's eyelids, he confidently posted a photo of the Bugatti Veyron sports car with his footprints next to the bill, probably to show his "rich and capricious".
But at the same time that Jiang Xin was so wantonly squandering, the foundation of the Jiang family was on the verge of collapse.