The 50 Wealthiest Angelenos: Kou Family

0

NET WORTH: $800 million

LAST YEAR: Not on list

RESIDENCE: Rolling Hills, Palos Verdes Estates

SOURCE OF WEALTH: Food processing

THE MONEY: Brothers Ming Bin and Ming Shin run Vernon-based Red Chamber Group, one of the largest seafood-processing companies in North America with estimated sales exceeding $1.6 billion last year. Their parents, company co-founders Shan Chun and Shu Chin, serve as co-chairs.

BUZZ: Shu Chin and wife, Shan Chun, emigrated from China. Co-founded Red Chamber in 1973 as a restaurant. By 2006, company had processing and cold storage plants across nation and abroad capable of handling 60 million pounds of seafood. Revenue more than doubled in last decade as family-owned company acquired fish plants worldwide. Company is major supplier to big-box retailers and restaurant companies, including Wal-Mart Stores Inc. and Darden Restaurants Inc. Recently acquired lobster processing plant North Lake Sea Foods in Prince Edward Island, Canada. Kou parents are retired, but stay involved in business as board co-chairs. Ming Bin works as chief executive; Ming Shin holds chief financial and chief operating posts. Brothers politically active, particularly Ming Shin, who last year donated $11,500 to various candidates, including former Congressman Howard Berman. Gave $100,000 to Cedars-Sinai. Red Chamber, which employs more than 1,000 people, took its name from Chinese literary classic “The Dream of the Red Chamber.”

No posts to display