Sputnik News: Yang Huiyan is no longer Asia’s richest woman as China’s property crisis hammers the nation’s developers, including her Country Garden Holdings Co.
Yang on Friday was surpassed in the Bloomberg Billionaires Index by India’s Savitri Jindal, who has an $11.3 billion fortune thanks to her conglomerate Jindal Group, which is involved in industries including metals and power generation. She also slipped below fellow Chinese tycoon Fan Hongwei, whose wealth derives from chemical-fiber company Hengli Petrochemical Co.
It’s been a dramatic fall for Yang, who in 2005 inherited her father’s stake in the real estate developer, becoming one of the youngest billionaires on the planet. For the past five years she’s been Asia’s richest woman, reflecting the rapid growth of China’s property sector. Her fortune has more than halved this year to $11 billion, with the decline accelerating this week when her Country Garden, China’s largest property developer, said it needed to raise equity at a discount, causing the stock to plunge to its lowest since 2016. Yang, now in her early forties, owns about 60% of Country Garden and a 43% stake in its management-services unit.