Chinese women and retailers might be doing well on the Hurun rich list, compiled by Rupert Hoogewerf, but real estates tycoon saw their wealth shrink by 25 percent, writes the People’s Daily and attributes this to successful government efforts to cool down the industry. The People’s Daily is the national newspaper of China’s communist party.
The Hurun Research Institute’s China Property Rich List reported on Tuesday that the 50 richest Chinese property developers have 11.6 billion yuan ($1.7 billion) this year, on average. That’s down from the record high of 15.5 billion in 2007, and 12 billion last year…
“The declining wealth shows that China’s real estate market is undergoing a major adjustment (through the government’s tightening and property price curbs),” it went on.
Wang Jianlin, 56, chairman of the Wanda Group, came in as the property king of kings with a personal worth of 28 billion yuan, at seventh place on the list.
Trailing him is Wu Yajun, 46, of Longfor Property, with a mere 27 billion yuan, making her China’s property queen.
So, only two tycoons dealing only in property managed to make it to Hurun’s top 10 this year, compared with six last year.
“This year is the first time in 10 years that a property tycoon has not made the top five,” said Rupert Hoogewerf, founder and compiler of the Hurun Report