The Daily Mail has reported that the wealthiest man in China needs to find an heir to his $122 billion empire after his son told him he does not want to live a life like that.

Wang Jianlin, founder and chairman of Dalian Wanda Group, said his only son, 28-year-old Wang Sicong, doesn't want to take over his shopping centers, hotels, theme parks and sports clubs.

"I have asked my son about the succession plan, and he said he does not want to live a life like mine", Wang, 62, told an entrepreneurs summit over the weekend.

The transcript of the speech published on the Wanda group website was translated from Chinese.

"Perhaps young people have their own quests and priorities. Probably it will be better to hand over to professional managers and have us sit on the board and see them run the company", Wang said.

"We have several professional managers as candidates," Wang added.

"The one who is handpicked and later trained to be a business leader should be no better than those who manage to stand out of the others through competition."

After sixteen years in the People's Liberation Army, Wang started working as the Office Administrator for the Xigang District in the city of Dalian. In 1989, he became the General Manager of Xigang Residential Development. He was Head of Factory in a Jiangyin-based factory. In 1992, he started working as the General Manager for the Dalian Wanda Group, where has been CEO since 1993.