The personal fortunes of China’s wealthiest real estate developers are taking a hit

The majority of China's ultra-wealthy individuals, who regularly rank on Forbes' annual "Rich List," saw their net worth drop this year

TRD NATIONAL /
Oct.October 28, 2018 01:00 PM

(Credit: Pixabay)

As government regulations curb China’s property market, the country’s wealthiest real estate developers are feeling the pinch.

Real estate magnate Hui Ka Yan, the chairman of Evergrande Group, saw the biggest plunge in his net worth over the past 12 months, according to Forbes annual ranking of China’s 400 wealthiest individuals.

Currently ranked as China’s third richest person with a net worth of $30.8 billion, the developer’s 2018 value is down $11.7 billion from last year–a drop that cost him his status of the country’s richest person. In 2018, China’s richest person is now Alibaba founder Jack Ma with a personal net worth of $34.6 billion.

The other major developers who, though still among China’s top 10 richest people, saw their personal wealth take a dip, includes Yang Huiyan–she owns a 57 percent stake in Country Gardens Holdings and saw her net worth plummeted 17 percent to $17.1 billion–and Dalian Wanda Group chairman Wang Jianlin. His wealth dropped to 22.7 billion from $25.2 billion. [Forbes]–Erin Hudson


Related Articles

arrow_forward_ios

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

163 North 6th Street and the Tel Aviv Stock Exchange Bull (Credit: Google Maps, Wikipedia)

Joel Gluck’s Israeli bond issuance falls through as Williamsburg rental project faces financing crunch

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Real estate firms get (green) thumbs down as they jump into climate bonds

arrow_forward_ios