A debt crisis has caused Country Garden Holdings Co. to experience a significant decline, resulting in Yang Huiyan, who was once considered the richest woman in Asia, losing more wealth than any other billionaire worldwide in just over two years. Her fortune has decreased by 84% since its peak in June 2021.
One of the main sources of Yang Huiyan’s wealth is her ownership of Country Garden. However, due to a nearly 60% drop in the company’s shares this year, the 41-year-old’s net worth has decreased by $28.6 billion from its peak and currently stands at $5.5 billion.
At just 25 years old, she became the wealthiest woman in China when Country Garden raised $1.65 billion through a Hong Kong IPO in April 2007. Then, in 2023, she took on the role of sole chair after her father resigned due to his age.
Despite her significant loss, it pales in comparison to that of Hui Ka Yan, another Chinese property billionaire who heads China Evergrande Group. His fortune has plummeted from a high of $42 billion in 2017 to $3.2 billion currently, as his real estate company suffered a default.
In China, the real estate industry was once a crucial contributor to the country’s GDP, accounting for up to 30% of it. However, in recent years, the industry has faced significant financial challenges. Many prominent developers have incurred substantial debts, leading to a notable collapse of Evergrande two years ago. Unfortunately, this event sparked a ripple effect throughout the industry, resulting in a wave of defaults that have had a lasting impact.
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