Yuan Yafei may be one of China’s richest men, but before his bid for House of Fraser, few in his own country had heard much about him.
The 49-year-old entrepreneur served as a local government official in Nanjing, the former Chinese capital, from 1988 to 1993, before founding Sanpower Group, which controls Nanjing Xinjiekou, one of China’s oldest department stores.
Sanpower, which according to its website has more than 100 subsidiaries and employs 60,000 people across a range of industries, including retail, technology and real estate with assets worth almost $5bn, is not a major player in China.
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