No last laugh for Wahaha founder as mall struggles

A woman shops at WAOW Plaza in Hangzhou, Zhejiang province, Nov 29, 2012. [Long Wei/Asianewsphoto]

Zong put an initial investment of 1.7 billion yuan ($273 million) into the shopping mall with dreams of opening 100 WAOW Plazas across China within five years.

Then, last September, the billionaire was attacked at his home in Hangzhou by a migrant worker whose job request had been rebuffed by the beverage tycoon. Zong suffered injuries to his left hand.

Prior to the incident, several members of the retail unit's senior management team had been removed from their posts, generating talk that the attack was related to those sackings.

To diversify his beverage empire, Zong announced last November he was embarking on a five-year, 5 billion yuan project: collaborating with liquor producers in the hometown of the country's most famous liquor brand, Moutai.

His empire, which is based on bottled water, soda and other nonalcoholic beverages, would work with Jinjiang Liquor Co Ltd in Moutai county, Guizhou province, he said.

The two companies will integrate local small and medium-sized distillers to develop a new brand.

Zong's move into the liquor business comes as the sector struggles with sluggish sales amid a government crackdown on corruption and lavish consumption using public funds. Zong, 67, has a personal fortune of 115 billion yuan, according to the latest Hurun Rich List.

Summarizing why Zong's direct buyer model for his shopping center didn't work well, the executive who had once worked there said the idea itself was not wrong.

"But he only trusts himself," the source said of Zong's family-run business.

Wahaha set to expand production	Wahaha Group to boost shopping center business