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Aug 05 2017

Hu Xueyan

Hu Hueyan was a very distinguished famous person in the late years of Qing Dynasty. He was regarded as the richest person at that time in China.
Actually he did not have huge wealth of his own, but by his magic power in financial game, he gathered enormous wealth from the rich men all over China. Therefore, in the surface he became a very super rich man in China.
He established a small bank in Hangzhou, but with his second-to-none talent in public relationship, he came to be a close friend with Zuo Zongtang, a top general in Qing Dynasty. Zuo’s army conquered Xinjiang and Hu was the person to supply all armies’ need to Zuo’s army, from which Hu made a terrible profit.
By his acquaintance with Zuo his bank was immediately well-known to the high society of China. Many rich people and high-position officials deposited huge amount of money into Hu’s bank. It was because he paid a more high interest than other banks.
His bank was flooded with too much cash. As he was the sole proprietor of the bank, he had the power to use the bank’s money in whatever way he liked. His life was so luxurious and he invested all the depositor money blindly through his assistants on various fields with failure at the end. His bank finally bankrupted and he died with regrets at age of sixty one.