Richest Woman in Asia: Yang Huiyan, the richest woman in Asia, has lost more than half of her wealth due to China's ongoing real estate crisis. The majority shareholder in China's largest developer Country Garden, Yang's net worth fell more than 52 per cent in just one year, according to the Bloomberg Billionaires Index.
Asia's richest woman has lost more than half her wealth in the past year. This matter came from the Bloomberg Billionaires Index that came out on Thursday. Yang Huan has been hit by the ongoing cash crunch in China's real estate sector, which has seen him lose over Rs 90,000 ($12 billion) crore in assets.
The total assets were Rs. 189 thousand crores
According to the Bloomberg Billionaires Index, Yang was the largest shareholder in China's property company, Country Garden. Their assets have taken a heavy hit as the real estate sector has been hit hard. They have lost around 52 per cent of its assets in the last year. A year ago, his assets were around 189 thousand crores ($23.7 billion).
The biggest loss occurred on Wednesday
Yang's biggest losses came on Wednesday when shares listed on the Hong Kong Stock Exchange at Country Garden in Guangdong fell nearly 15 per cent. The fall in the share price followed the company's announcement that it would raise cash by selling new shares.
Richest in Asia in 2007
In 2005, Yang's father, Yang Guoqiang, transferred the shares of Country Garden Company to his name. Yang Guoqiang was the founder of Country Garden Company. Two years later, Yang became Asia's richest woman when her company's shares were listed in Hong Kong.
After losing half of his wealth, Yang may also lose his throne as the richest. According to the Bloomberg index, Yang's challenger, chemical fibre tycoon Fan Hongwei, is worth an estimated Rs 89,000 crore ($11.2 billion). Accordingly, there is only a slight difference between the two.
Why such a big blow to property in a single year?
China in 2020 imposed heavy taxes on very large loans stuck in the property sector. This forced the property majors to suddenly pay huge sums of money, bringing them close to bankruptcy. He had to negotiate with the creditors again for these payments. Confusion in the property sector has spread fears among property buyers of delaying construction of their homes and missing the deadline for possession. Due to this, buyers of under-construction houses started to stop their mortgage payments. This has created a huge cash crunch in the property sector.