Yang Huiyan, the main shareholder of Chinese real estate giant Country Garden, fell 52% to $11.3 billion. Guard With reference to data from the Bloomberg Billionaires Index.
Asia’s richest woman lost more than half her fortune last year. The reason for this is the crisis that has affected the real estate sector in China and continues to deepen.
Yang Huiyan inherited his fortune in 2005 from his father, who is now the founder of Country Garden, one of the largest real estate operators in China. On Wednesday, July 27, Country Garden shares fell 15% after the company announced it would sell new shares to raise cash.
Country Garden said in a statement on the Hong Kong Stock Exchange that the proceeds from the sale will be used to “refinance existing offshore debt, general working capital and future development”.
Fan Hongwei is second in the ranking of “Asia’s richest women”. The CEO of chemical fiber company Hengli Petrochemical is worth $11.2 billion.
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Source: Gazeta
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