Yang Huiyan, a majority shareholder in Chinese property giant Country Garden, saw net worth plunge to $11.3bn in a year
Asia’s wealthiest woman has lost more than half her fortune over the past year asYang Huiyan, a majority shareholder in China’s biggest property developer, saw her net worth plunge by more than 52% to $11.3bn from $23.7bn a year ago, according to the Bloomberg Billionaires Index.
She became Asia’s richest woman two years later after the developer’s initial public offering in Hong Kong. Chinese authorities cracked down on excessive debt in the property sector in 2020, leaving major players such as Evergrande and Sunac struggling to make payments and forcing them to renegotiate with creditors as they teetered on the edge of bankruptcy.
Proceeds from the sale would be used for “refinancing existing offshore indebtedness, general working capital and future development purposes”, Country Garden said in a filing to the Hong Kong stock exchange.
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