Property slump dents fortune of China's richest woman

October 21, 2014 12:35
Yang Huiyan, Chan Laiwa and Cheung Yan are China's richest women, according to Hurun Report. Yang has assets worth 44 billion yuan, down from 51 billion yuan last year. Photos: Xinhua, Baidu, HKEJ

Yang Huiyan, vice chairperson of Country Garden Holdings Co. Ltd. (02007.HK), is still China's richest woman despite losing a chunk of her fortune in the property downturn, the Hong Kong Economic Journal reported Tuesday.

Yang, the 33-year-old daughter of the developer's chairman, Yeung Kwok-keung, has a fortune worth 44 billion yuan (US$7.18 billion), down from 51 billion yuan last year, according to Hurun Report, which ranks China's wealthiest people.

She landed the top spot in the annual rankings for the fourth time since the Chinese equivalent of Forbes List began nine years ago.

Fu Wah International Group chairperson Chan Laiwa, 73, is second, followed by Nine Dragons Paper Holdings Ltd. (02689.HK) co-founder and chairperson Cheung Yan, 57, worth 40 billion yuan and 29 billion yuan, respectively.

Six of the top 10 wealthiest women in the country are in the real estate business.

The lackluster performance of property stocks and a softening housing market have eroded their fortunes.

The average age of the top 50 is 48, unchanged from last year.

Ji Kaiting, non-executive director of Logan Property Holdings Co. Ltd. (03380.HK), is the youngest at 24.

She is a daughter of Logan Property chairman Ji Haipeng.

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