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Jailed Chinese billionaire to open retail chain for gold products

Multigold, a business controlled by jailed Chinese billionaire Wong Kwong Yu, will formally launch a retail chain that focuses on gold products next month, the China Business News newspaper reported on Monday.

Multigold aims to open four stores in Beijing before the end of this year – the first on 25 Sept., and expand nationally in China before 2020, the report said.

The first Beijing store will be 3,500 square metres in size. An online site that also forms part of the business sells items such as gold chopsticks for CNY10,800, or about USD1,700. It also includes jewellery and information about gold investments.

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(Source: Forbes.com )