Haidilao boss Zhang Yong's net worth drops from $18.6b to $11.7b

Two years ago, he was Singapore's richest man. Now, Haidilao chairman Zhang Yong's net worth has fallen.

According to Forbes, the 47-year-old restaurant tycoon's net worth was US$13.8 billion (S$18.6 billion) in 2019. His real-time net worth now stands at US$8.7 billion (S$11.7 billion).

Just last week, Haidilao announced that it is closing or suspending 300 poor-performing restaurants this year.

With Haidilao under the spotlight, here are some things to know about the hotpot chain and its co-founder.

1. Humble beginnings

Before Zhang's rise to the top of several billionaires' lists, he had humble beginnings.

Born in Sichuan, China, in 1974, he didn't get the opportunity to dine in a restaurant until he was 19 years old. 

Zhang dropped out of high school and worked as a factory welder in a state-run tractor company, earning 93 yuan (S$19) a month.

2. No background in F&B

After quitting his job as a welder, Zhang decided to start a food business despite not knowing how to cook, let alone Sichuan hotpot.

With help from his wife and his friends, Zhang opened the first Haidilao outlet in 1994. It had only four tables.

As his first restaurant experience left a bad taste in his mouth, Zhang strove to give his own customers a memorable dining experience.

3. Impeccable service

Haidilao is famed for its customer service, and has gone the extra mile for its diners.

Services offered at its outlets include free manicures while you queue, shoulder massages, noodle-pulling demonstrations, and even shoe cleaning.

4. Global powerhouse

In under three decades, Haidilao has grown rapidly. 

As of end-June, the hotpot chain has a total of 1,597 outlets in several countries, with 1,491 of them located in China.

Currently, Haidilao runs 18 outlets in Singapore and has one more opening soon at Northshore Plaza in Punggol. 

5. GCB at Botanic Gardens

Last December, his son Zhang Hanzhi bought a freehold good class bungalow (GCB) in Gallop Road for $42 million.

According to analysts, the 21,649 square foot property had the highest price per square foot paid for a GCB in the vicinity.

This property is next to his father's bungalow which was purchased for $27 million in 2016.

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amierul@asiaone.com