Asia’s richest woman, Yang Huiyan, has lost more than half of her $24 billion fortune in the past year as China’s property crisis has continued to deepen as buyers are less inclined to buy houses and house prices falling further.
According to Bloomberg Billionaires Indexwhich tracks the 500 richest people in the world, Huiyan now has a total net worth of $11.3 billion, a drop of $12.4 billion from 2021.
The fall also puts her neck and neck with fellow Chinese billionaire Fan Hongwei, who chairs chemical fiber production company Hengli Petrochemical and was once miles behind Huiyan at $11.2 billion. Today, their gap is only $100 million.
In 2018, Huiyan stood just below China’s richest man, Wanda Group’s Wang Jianlin, with a fortune of $28 billion, who surged after winning $2.1 billion in the first four days of the new year.
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Huiyan inherited her immense wealth from his father, Yang Guoqiang, founder of Country Garden, who founded the company in 1992.
The 41-year-old reportedly owns more than half of Country Garden Holdings, which her father passed to her in 2005.
The country’s biggest property developer by sales, the company has lost more than half of its value this year, also succumbing to the debt crisis that has the country’s biggest property developers desperate for help. to repay their creditors.
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The crisis has been compounded by the thousands of frustrated buyers who have threatened to stop paying mortgages on their incomplete homes due to construction delays.
Last week more buyers 100 cities got together and withheld payments on their unfinished homes.
Shares of the Huiyan company fell nearly $2 billion on Wednesday alone after it said the company was looking to raise $361 million by selling new shares at a 13% discount in a desperate bid to raise more cash.
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The real estate sector accounts for around 18-30% of China’s GDP, making it an essential part of the country’s economy.
Property sales are expected to fall by about a third this year; however, experts concluded that the decline was likely twice as severe.
Ratings agency S&P released a statement on Tuesday saying the company ‘now expects domestic property sales’ ‘to fall 28-33% this year…nearly double the drop from our forecast previous”.
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