China's richest man Wang Jainlin has bought a luxury mansion in London worth £80 million ($119.3 million), according to reports from British media.

The Evening Standard reported this past Friday that billionaire Wang Jianlin took the long lease from the Crown Estate on the residence at "15A Kensington Palace Gardens."

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The Dalian Wanda Group CEO now owns a 20,000 square feet house with 10 bedrooms. The former occupants of the property were the Nigerian High Commission and Ukrainian businessman Leonid Blavatnik. Wang is expected to pay more for some necessary renovations.

A public relations officer said that the buyout was not related to the group but was Wang's personal choice. Wang will also be required to pay a stamp duty of over £9.5 million, the biggest ever.

Wang will now be neighbors with the Duke and Duchess of Cambridge as the road next to his new mansion is the Kensington Palace, the most secure place in the city with "around-the-clock armed police presence at both ends."

Some netizens expressed envy over the purchase, while others reprehended Wang for not giving some of his wealth to less fortunate people like philanthropist and Facebook CEO Mark Zuckerberg who donated 99% of his wealth to charity.

Alibaba-owner Jack Ma, who also purportedly bought a mansion in New York, explained in a speech in Peking University why Chinese entrepreneurs are less likely give alms to the poor. 

"Chinese entrepreneurs have limited resources. Their first responsibility should be to use their money for investment to create more jobs and wealth," he said. "If we donate all our money when we're young and when many entrepreneurs have not learned how to spend their money, this will not benefit China." 

TagsChina's Richest Man, philanthropist, Jack Ma, China's businessman, London Mansion, Kensington Palace, real estate