From Pizza‑Topping Riches to Steam‑Powered Decline
Remember 2019 when Zhang Yong was crowned Singapore’s richest man, flaunting a jaw‑dropping $13.8 Billion fortune? Fast forward to today—his net worth has slipped down to roughly $8.7 Billion. The hotpot empire is on a tear, and the dollar bill memories are getting slimmer.
Why the drop?
- Market shake‑ups – The Chinese dining scene is highly competitive, and even giants can feel the heat.
- Cut‑back strategy – Haidilao just announced it’s shutting or suspending 300 under‑performing branches.
- Investor nerves – Stock fluctuation and buyer confidence dipped after the store closures.
The big picture for a hotpot hit
- Founded in 1994, Haidilao grew into a global chain with over 600 venues.
- Pocket‑picking service and letting patrons order with a single “hotpot” emoji made it a social hub.
- Even when the business was heated, Zhang kept his eye on growth, scooping in opportunities.
What’s next?
Despite the hit, a snapback isn’t out of the question. If Zhang keeps sprinkling his talent across markets, we might see the numbers heat up again soon. Until then, the sizzling-hotpot saga continues to steal headline seats—and maybe the headlines on Spotify.
1. Humble beginnings
From Factory Floors to Fortune 500
Kid in Sichuan
Born in 1974, our founder grew up in the heart of Sichuan—think spicy food, good vibes, and a lot of elbow grease.
Early Years
He was a straight‑up high‑school dropout, ditching those classrooms for a role as a factory welder in a state‑run tractor plant.
First Cooking Experience
- Age 19—the first time he stepped into a restaurant. Yep, it took him a whole decade to realize the world’s best meals might just be about shy staring at a menu.
Earnings on the Assembly Line
- He could put out his monthly paycheck of 93 yuan (that’s roughly S$19 in Singapore dollars). Not exactly a fortune, but a start‑up life on the low‑end side.
2. No background in F&B
From Welding Sparks to Hotpot Hype: The Haidilao Story
A Recipe of Determination and a Touch of Chaos
Picture this: a lifelong welder who, after a frustrating stint behind the welding torch, decides to leave the metal behind and sink into the world of steaming pots. Despite never having touched a spatula, let alone mastered the art of Sichuan hotpot, he set his sights on opening a restaurant.
- 1994: With his wife’s unwavering support and a handful of friends, Zhang opened the very first Haidilao outlet.
- It started small—only four tables that could barely seat a single group of hungry customers.
- His initial venture left a bad taste in his mouth—both literally and metaphorically.
- Inspired to change that narrative, he aimed to give diners a memorable experience that would keep them coming back.
So, if you’ve ever wondered how a man who never cooked could build an empire of hotpot, the answer lies in that spark of stubbornness and a desire to turn every flop into a breakout success.
3. Impeccable service
Haidilao: Where Hot Pot Meets Hospitality Hype
Picture yourself standing in a bustling queue, the smell of sizzling broth permeating the air, when a friendly server hands you a free manicure kit. Yep, that’s the Haidilao experience—an overhaul of the traditional dining vibe into a full-on customer‑service showcase.
What They Offer
- Free Manicures – Keep your nails sharp while you wait.
- Shoulder Massages – A comfy shoulder rub every time you settle in.
- Noodle-Pulling Basics – Watch chefs pull noodles like a silk rope show.
- Shoe Cleaning – Your feet get a spa treatment too.
All these extras turn a simple meal into a memorable, almost therapeutic, outing. No surprise, it’s the extra mile that keeps customers coming back for more than just the broth.
4. Global powerhouse
Haïdilao’s Wild Hotpot Roll‑Out
In a blink… or maybe a fast‑forward of just under 30 years, the Chinese hotpot wizard has gone from a local gem to a global sensation.
All‑Around‑The‑World Stats
- 1,597 restaurants worldwide as of the end of June.
- 1,491 of those are still rooted in China.
- Other countries: the number keeps rising – Singapore, Taiwan, Thailand, the U.S., etc.
Singapore’s Sudden Hotpot Boom
- 18 Haidilao branches are already serving steaming bowls in the Lion City.
- A brand‑new outlet is opening soon at Northshore Plaza, Punggol – keep your taste buds ready!
So whether you’re a local foodie or a globe‑trotter craving a bubble‑bath of broth, Haidilao is making hotpot a worldwide party.
5. GCB at Botanic Gardens
Dad’s House Gets a Teen‑aged Upgrade: $42 M Bungalow on Gallop Road
A Quick Peek at the Numbers
- Purchase Date: December of last year
- Price: a whopping $42 million
- Size: 21,649 sq ft
- Highest price per square foot: the top spot for a good‑class bungalow (GCB) in the neighborhood!
- Location: Right next to his father’s own bungalow
What’s the Story Behind the Numbers?
The son, Zhang Hanzhi, snagged a classic GCB on Gallop Road for $42 million.
Because the property lands at 21,649 sq ft, the price per square foot ends up being the steepest in the area for a GCB—some analysts say it’s a record‑breaker.
Just a few years earlier, in 2016, the dad bought the same plot for $27 million.
Now the two houses sit side by side, showing how quickly real‑estate values can skyrocket (and how costly parent‑to‑child upgrades may look).
Why Most People Can’t Ignore This
These kind of transactions give a glimpse into how affluent families preserve wealth by investing in luxury real estate.
And frankly, if you’re curious about how steep the price per square foot can climb, look no further than their feet‑wide cascade of dollars.
Want More Scoop?
While you’re at it, check out the fascinating journey of Hai Di Lao’s founder—who became Singapore’s richest man.
It’s a story of why a humble hot‑pot chain turned into a multi‑million dollar empire.
