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

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
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
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
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
In the days after Hong Kong circulated its latest virus measures this month, several shops, bars and eateries said they would close (Geology.com, iStock)
Hong Kong businesses struggle with fallout of city’s zero-Covid policy, supply chain woes
Hong Kong businesses struggle with fallout of city’s zero-Covid policy, supply chain woes
Signature Bank president and chief executive officer Joseph DePaolo (iStock)
“It’s a good time to make loans:” Multifamily lender smashes earnings record
“It’s a good time to make loans:” Multifamily lender smashes earnings record
Brian Kingston, managing partner & CEO, Brookfield's Real Estate Group and Brookfield Property Partners, in front of Two Blue Slip in Greenpoint (Brookfield Property Partners, Two Blue Slip, iStock)
Brookfield scores $330M refi at Greenpoint Landing
Brookfield scores $330M refi at Greenpoint Landing
Sam Chandan will head NYU Stern’s real estate programs  (samchandan.com, iStock)
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
Renderings of 80 South Street (Oceanwide Holdings, iStock)
Chinese developer defaults on $175M loan for languishing Manhattan supertall site
Chinese developer defaults on $175M loan for languishing Manhattan supertall site
1009-1011 South Congress Avenue and Turnbridge's Andrew Joblon (Music Lane ATX, LinkedIn)
Exclusive: Turnbridge Equities closes $500M Texas recap deal
Exclusive: Turnbridge Equities closes $500M Texas recap deal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...