According to the Bloomberg Billionaires Index, Yang Huiyan, Asia’s wealthiest woman, has seen her wealth decrease to $11 billion from nearly $24 billion this year as China’s housing crisis worsens, the media said. Country Garden Holdings, China’s largest real estate developer by sales, is controlled by the 41-year-old. According to CNN, her ownership was mostly transferred from her father Yang Guoqiang, who launched the company in 1992 in Foshan, Guangdong provine.
According to CNN, Country Garden’s stock has lost more than half its value this year as the country’s real estate sector has struggled with dropping home prices, diminishing buyer demand, and a debt default problem that has enveloped some of its top developers since last year.
According to the Bloomberg Billionaires Index, Ms Yang’s nett worth has dropped by more than 52% in a year, from $23.7bn to $11.3bn (£9.3bn) as a majority stakeholder in China’s largest developer Country Garden.
Yang received her interest in the Country Garden from her father, Yang Guoqiang, in 2005, according to CNN.
Country Garden began with a concentration on creating villas, townhouses, and large flats at a time when real estate was one of China’s most profitable sectors. After the developer’s initial public offering in 2007, she became Asia’s wealthiest lady two years later.
However, the decline in her nett worth has decreased the wealth gap between her and other female billionaires in China, putting Yang only $100 million away from being surpassed in wealth by Fan Hongwei. Fan is the CEO of Hengli Petrochemical, a manufacturer of chemical fibres.
Yang remains Asia’s richest woman, despite losing more than half her fortune, according to the Bloomberg Billionaires Index.
