The richest woman in China just got a promotion.
Yang Huiyan has been named co-chair at development firm Country Garden Holdings Co., where she will help her father and the company’s founding chairman Yeung Kwok Keung run the business and oversee investments, according to Bloomberg. The publication’s Billionaires Index has named her the richest woman in China thanks to her 57 percent stake in development firm Country Garden.
Yang started at the company as a procurement manager in 2005 and became a vice chairman in 2012. She became the country’s richest woman after Country Garden raised $1.65 billion in its Hong Kong initial public offering in April 2007.
She has recently been overseeing some new business for the developer. The company announced earlier this year it would invest $11.6 billion into robotics.
Many of China’s wealthiest real estate developers have taken a hit as government regulations curb the country’s property market, including Yang, who saw her net worth drop 17 percent to $17.1 billion. [Bloomberg] – Eddie Small