Li Shufu, 52, is a Chinese capitalist.
That’s how Alan Wilson, a Utah-based racetrack designer and management consultant who has worked with Shufu’s investment company since 2012, describes the man who wants to buy Miller Motorsports Park for $20 million.
The Asian businessman’s style and determination has built one of China’s largest, privately-owned automobile and motorcycle companies, Wilson said.
Born in a rural province in China, Shufu started a business in 1984 that made refrigeration components.
When the Chinese government started to regulate the refrigerator industry in 1989, Shufu was unable to get a state license and was forced to close his plant, according to ChinaDaily.com.
He then turned his attention to building moped-like motorcycles. He purchased a failing government owned motorcycle factory and turned the plant into a successful operation, according to Wilson.
After becoming an expert in building gasoline engines for his motorcycles, Shufu pioneered the development of electric powered engines for motorcycles to improve China’s air quality, Wilson said.
Shufu founded Zhejiang Geely Holding Group in 1986. He currently serves as the chairman of the board for the Geely Group.
Geely is an international manufacturer of cars, motorcycles, engines and transmissions. The company claims to be the largest non-government-owned automobile manufacturer in China.
Geely has over 18,000 employees. The company’s annual revenue is in excess of $23 billion, according to its 2013 annual report.
Geely purchased Volvo from Ford Motor Company for $1.8 billion in 2010, according to Forbes.
The London Taxi Company, whose signature product is the black London taxicab, was purchased by Geely in 2012.
Geely is currently building a Volvo factory in South Carolina.
Shufu wholly owns Mitime Investment and Development Group, which is independent of the Geely Group.
Shufu started Mitime to be his education, research, and development arm, Wilson said.
It is through Mitime that Shufu is aggressively pursuing plans to expand China’s racing industry.
Currently there are only seven race facilities in China, compared to more than 130 road course and several hundred oval racing venues in the United States, according to Wilson.
Mitime has embarked on a plan to build at least five major international race facilities in China that will be similar to the facility Wilson designed for Larry Miller.
Mitime also owns and operates 10 colleges and universities in China that graduate 10,000 students annually, according to Wilson.
Forbes rates Shufu at number 782 on their list of billionaires with a net worth of $2.2 billion.
He is married and has a Master of Science degree from China’s Yanshan University.