Asia’s richest woman has lost more than half of her fortune in the past year as the real estate crisis hit her China continues to worsen. As Britain’s Guardian reports, Yang Huiyan, the majority shareholder in China’s biggest property developer Country Garden, saw her net worth drop by more than 52% to $11.3 billion from $23.7 billion a year ago. from a year ago, according to the Bloomberg Billionaires Index.
Yang’s fortunes took a big hit on Wednesday when shares in Country Garden in Hong Kong fell 15 percent after the company said it would sell new shares to raise cash.
Yang inherited her wealth when her father – Country Garden founder Yang Guoqiang – transferred his shares to her in 2005 and became Asia’s richest woman two years later.
Now she barely holds onto that title, with chemical fiber tycoon Fan Hongwei close behind with a net worth of $11.2 billion.
Chinese authorities tightened their stance on excessive real estate debt in 2020, leaving major players such as Evergrande and Sunac to struggle to make payments and force them to renegotiate with creditors as they teetered on the brink of bankruptcy.
Buyers across the country are furious with delays in manufacturing and deliveries real estate began freezing mortgage payments on homes that were sold before construction was completed.
While Country Garden has remained relatively unscathed by the industry turmoil, it spooked investors with an announcement Wednesday that it planned to raise more than $343 million through a stock sale, in part to pay down debt.
Source: News Beast
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
