A research institute says the chairman of a heavy machinery making company is now the richest man in China with assets of about $11 billion.

The Hurun Research Institute said in an annual report Wednesday that the nation’s relentless construction boom helped Sany Group chairman Liang Wengen to edge out last year’s rich-list leader, beverage maker Zong Qinghou. The so-called “Drinks King” is now second-richest with assets of $10.8 billion.

Third place went to the chairman of the web search engine Baidu, reflecting China’s rapidly increasing use of the Internet. Hurun estimated Robin Li Yanhong’s wealth at $8.8 billion.

Altogether, Hurun said, China now has 271 people with assets of more than $1 billion, up from 189 people a year ago. It said the cutoff to make it into the nation’s richest 1,000 people is now $310 million.