Wanda’s Wang Jianlin under fire after spending HK$217m on Picasso painting

China’s richest man is under fire after his company spent US$28 million (HK$217 million) on a painting by the Spanish artist Pablo Picasso, with people questioning the extravagant purchase and his patriotism.

Tycoon Wang Jianlin’s Wanda Group bought the 1950 painting , depicting Picasso’s two youngest children, at auction last week for more than double the high estimate of US$12 million.

“With that money, how many sick people could receive treatment? Why not give something back to society first?” said one person posting on China’s hugely popular microblogs, adding: “China’s nouveau riche are short of nothing except conscience.”

The manager of Wanda Group’s corporate art collection defended the purchase, the newspaper reported Monday.

“Only an enterprise with culture can understand art and collect the best artwork in the world,” Guo Qingxiang was quoted as saying.

“Chinese people should be proud rather than focus on how much money was spent.”