DNA Hindi: The richest woman in Asia has lost more than half of her wealth in the last one year. This has been revealed from the Bloomberg Billionaires Index, which came out on Thursday.
In fact, Yang Huiyan has got this setback due to the cash crunch of the real estate sector running in China, in which he has lost his wealth of about 90 thousand crores.
Net worth was Rs 189 thousand crores
According to the Bloomberg Billionaires Index, Yang was the largest shareholder in Country Garden, China’s largest property company. Due to this, his property has suffered a lot due to the shock to the real estate sector. They have lost about 52% of their assets. A year ago, his wealth was about 189 thousand crore rupees ($ 23.7 billion).
Wednesday’s biggest loss
Yang’s biggest loss came on Wednesday, when shares listed on the Hong Kong stock exchange at Country Garden in Guangdong fell nearly 15%. This fall in the price of shares happened after the company’s announcement, in which it was said to raise cash by selling new shares.
Yang, daughter of the founder of Country Garden, became the richest person in Asia in 2007
Yang became wealthy in 2005 when her father, Yang Guoqiang, transferred his shares of the Country Garden Company to her name. Yang Guoqiang He was the founder of the Country Garden Company. Two years later, Yang became the richest woman in Asia when her company got shares listed in Hong Kong.
The title of being the richest will be snatched away by losing half the wealth
After losing half of his wealth, Yang may now have to lose his title of being the richest. According to the Bloomberg index, the assets of chemical fiber tycoon Fan Hongwei, who challenged Yang for this title, have been estimated at about 89 thousand crore rupees ($ 11.2 billion). Accordingly, there is only a slight difference between the two.
Know why there has been such a big setback in property within a single year
In the year 2020, China had imposed heavy tax on very hefty loans trapped inside the property sector. Due to this, the major players of the property sector suddenly had to pay massive amounts, due to which they were close to bankruptcy. For these payments, they had to negotiate with the lenders again. Due to the stampede in the property sector, the fear of delay in the construction of their house and not meeting the deadline for getting their possession spread among the property buyers. Due to this, buyers of under-construction homes started stopping their mortgage payments. This has led to a massive cash crunch in the property sector.
