Asia’s richest woman lost half her fortune in one year

Yang Huiyan, 41, became the richest woman in Asia before she turned 30 when her father handed her China’s biggest real estate company.

Yang Huiyan, Asia’s richest woman and majority shareholder in China’s largest real estate company, Country Garden, has lost more than half of her fortune due to the crisis in the sector. According to Bloomberg’s ranking of billionaires released this Thursday, Huiyan’s fortune fell in the last year from US$23.7 billion (about €23 billion) to US$11.3 billion. , that is, there was a cut of around 52%.

Of Chinese nationality, Yang Huiyan is 41 years old and inherited his father’s fortune, who founded the real estate developer and transferred his share in the company’s shares to his daughter in 2005. In 2007, Country Garden debuted on the Hong Kong stock exchange and, after the initial public offering, Huiyan became the richest woman in Asia, even before she turned 30. Today, however, she is about to lose the title to Fan Hongwei, who became rich in the chemical fiber sector and has a fortune estimated, according to Bloomberg, at 11.2 billion dollars.

The real estate sector has been experiencing major difficulties in China, with authorities tightening rules for companies’ indebtedness, forcing them to make payments and renegotiate with creditors, leaving many real estate giants close to insolvency, as was the case. case of the well-known Evergrande. The lack of financing, on the other hand, forced the interruption of ongoing projects, which led to buyers failing to pay the installments when faced with delays in the delivery of properties.

China’s banking regulator has encouraged lenders to support the property sector and meet the “reasonable financial needs” of companies, fearing now that the sector’s financial instability could spill over into other areas. Although Yang Huiyan’s Country Garden has so far weathered the Chinese real estate crisis, on Wednesday it precisely announced that it plans to raise around US$343 million through the sale of shares, an amount that will be used, in part, to pay debts and finance future projects. The information was sent to the Hong Kong stock exchange, making the company’s shareholders apprehensive who, after the announcement, saw the shares fall by about 15%.

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