Chinese Billionaire Yang Huiyan has given 55% of her stake in Country Garden to a family charity (worth $826 million)
The chair of Country Garden Services Holdings Company, Yang Huiyan, is transferring approximately 55% of her personal shares in the property management company to a family charity, which was established by her sister. Yang Huiyan is China’s third wealthiest woman, with a net worth of almost $6.36 billion, and the value of this stake is estimated to be around $826 million.
At the height of her fortune, Yang Huiyan was the wealthiest woman in Asia. She recently gifted approximately 675 million shares of Country Garden Services, which accounts for 20% of the entire company, to the Guoqiang Foundation in Hong Kong. The donation was made for charitable reasons.
The charity foundation, Guoqiang Public Welfare Foundation, “irrevocably and unconditionally undertakes” to Yang that it will hold the shares for 10 years. The charity pledged not to sell shares within a decade.
Guoqiang Public Welfare Foundation (Hong Kong) Ltd., the entity to receive the gifted shares, was incorporated on June 13, according to the Hong Kong Companies Registry. Another mainland entity, Guoqiang Foundation was founded in 2013, according to its website.
At the peak of her wealth, Yang was Asia’s wealthiest woman. However, in just two years, her fortune has plummeted by 80%, from $34 billion to $6.36 billion.
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