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.
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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