BEIJING: Asia’s wealthiest woman lost more than half her fortune over the past year as China’s real estate field was rocked with a cash crunch, a billionaire index demonstrated Thursday (Jul 28).
Yang Huiyan, a majority shareholder in Chinese house giant Country Garden, saw her net worth plunge simply by more than 52 percent to US$11. a few billion from US$23. 7 billion a year ago, according to the Bloomberg Billionaires Index.
Yang’s fortune took a significant hit on Wed when the Guangdong-based Nation Garden’s Hong Kong-listed shares fell fifteen per cent after the business announced it would sell new shares to boost cash.
Yang inherited her prosperity when her father – Country Backyard founder Yang Guoqiang – transferred their shares to her in 2005, according to condition media.
The lady became Asia’s wealthiest woman two years later on after the developer’s preliminary public offering in Hong Kong.
But she is now hardly holding onto that title, with chemical fibers tycoon Fan Hongwei a close runner-up with a net worth of US$11. 2 billion dollars on Thursday.
Chinese authorities damaged down on excessive debt in the property sector in 2020, leaving behind major players such as Evergrande and Sunac struggling to make payments and forcing them to renegotiate along with creditors as they teetered on the edge associated with bankruptcy.
Purchasers across the country, furious on lagging construction and delayed deliveries of the properties, have begun withholding mortgage payments for homes sold before completion.
Whilst Country Garden offers remained relatively untouched by industry uncertainty, it spooked traders with a Wednesday announcement that it planned to raise more than US$343 mil through a share purchase, partly to pay financial obligations.