Yang Huiyan (41), chairman of Country Garden in China, the richest woman in Asia, is said to have halved his fortune. This appears to be the result of the share price decline caused by the slowdown in the Chinese real estate market.
According to Bloomberg News and CNN on the 28th (local time), Yang’s fortune decreased from regarding 24 billion dollars (regarding 31.2 trillion won) a year ago to 11 billion dollars (regarding 14.3 trillion won) this year. This means that regarding 17 trillion won has evaporated in less than a year.
Currently, Chinese real estate developers are suffering from financial difficulties due to default due to government regulations.
Chinese authorities said they would not look at excessive debt in the real estate sector and began to regulate, and Country Garden has also continued to show a sluggish stock flow. In the face of liquidity deterioration, on the 27th, it announced that it would sell the stock at a price regarding 13% lower than the closing price of the previous trading day.
Yang inherited a 70% stake from his father, Yang Guo-chang, founder of Country Garden, and became the richest woman in Asia at the age of 26. Although the stock price fell due to the real estate crisis and her fortune was cut by nearly half, she still holds the position of Asia’s richest woman.
However, as the gap with second-placed Hengli Petrochemical Chairman Pan Hong-wei narrowed to 100 million dollars (regarding 130 billion won), the possibility of losing the first place is predicted.
Kim Soo-young, reporter at Hankyung.com swimming@hankyung.com
