Yang Huiyan, who became China’s wealthiest female at the age of 25, is at risk of losing her top spot as Country Garden’s stock tumbles.
In just seven months, Ms Yang’s fortune has more than halved to $US11.3 billion, including a drop of almost $US2 billion on Wednesday alone, putting her spot atop the wealth rankings in jeopardy. The swift decline underscores the concerns that China’s mortgage crisis will eventually damage its financial system and funding channels, even for Country Garden, its largest property developer.
“Investors worry that the mortgage boycott will spread to Country Garden as they are seeing the boycott project numbers increasing quickly,” said Kenny Ng, a strategist at Everbright Securities International in Hong Kong. “The company still has significant debts and recorded a slower month-on-month growth in June sales even though China resumed work.
This “could leave it the most exposed to the downturn in the markets”, said Kristy Hung, a senior analyst at Bloomberg Intelligence.
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