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Asia's richest woman has lost half of her fortune in the past year due to the ongoing real estate crisis in China.
The French news agency FP said on Thursday with reference to the Bloomberg Billionaires Index that real estate is suffering from a severe crisis due to the lack of cash in China.
According to the Bloomberg Billionaires Index, Yang Huian, the owner of the largest share in Chinese property company Country Garden, had a net worth of $23.7 billion a year ago, which has fallen by more than 52 percent to $11.3 billion.
According to Hong Kong state media, Yang Huian inherited the fortune when his father, Country Garden founder Yang Guoqiang, transferred his shares to him in 2005.
Just two years after starting her country garden business in Hong Kong, Yang Huian became Asia's richest woman. But now they barely occupy the first place.
According to the latest index, the second richest person in Asia is chemical fiber tycoon Phan Hongwei, whose assets are worth $11.2 billion.
It should be noted that the Chinese authorities have cracked down on 'excessive debt' in the property sector in 2020, which has led to major property companies such as Evergrande and Sunac falling into trouble and on the brink of bankruptcy.
China's real estate crisis has prompted buyers across the country to freeze mortgage payments on homes sold before completion in response to delays in the construction of houses and other buildings and the delivery of their properties. is maintained until
Unlike other companies, Country Garden has been relatively unscathed through the crisis, but investors were spooked by a new announcement from the company on Wednesday, which said Country Garden raised more than $343 million through a share sale. Collection is planned.
This plan of sale of shares is made partly to repay the debts.
Bank regulators in China, on the other hand, have urged lenders to support the property sector and meet firms' "reasonable financing needs".
It should be noted that the real estate sector in China accounts for 18 to 30 percent of the country's GDP and is considered a key driver of growth in the world's second largest economy.
Analysts have warned that China's real estate sector is caught in a 'vicious cycle' that will further erode consumer confidence.
