Asia’s richest woman, Yang Huiyan, loses half of her fortune in China’s property crisis

Asia’s richest woman has lost more than half her fortune in the past year as China’s property sector has been rocked by a cash crunch.

Yang Huiyan, majority shareholder of Chinese real estate giant Country Garden, saw his net worth plunge more than 52% to $16.1 billion from $33.9 billion a year ago, according to Bloomberg. Billionaires Index.

Ms Yang’s fortunes took a hit on Wednesday when Hong Kong-listed shares of Guangdong-based Country Garden fell 15% after the company announced it would sell new shares to raise cash.

Ms Yang inherited her wealth when her father – Country Garden founder Yang Guoqiang – transferred her shares to her in 2005, according to state media.

She became Asia’s richest woman two years later after the developer went public in Hong Kong.

But she now barely holds that title, with chemical fiber tycoon Fan Hongwei a close runner-up with a net worth of $16 billion on Thursday.

Ms. Yang is the majority shareholder of Chinese real estate giant Country Garden.(– : Chen Junmin / Imaginechina)

Chinese authorities clamped down on excessive indebtedness in the real estate sector in 2020, leaving major players such as Evergrande and Sunac struggling to make payments and forcing them to renegotiate with their creditors as they teetered on the edge of the brink. bankruptcy.

Buyers across the country, enraged by construction backlogs and delayed deliveries of their properties, have begun withholding mortgage payments for homes sold before completion.

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