The richest woman in Asia has seen her fortune halve, due to a real estate crisis in China which has seriously weakened the sector, showed a ranking of billionaires on Thursday.
The low-key Chinese-born Yang Huiyan's wealth was valued at $23.7 billion last year, but is now estimated at just $11.3 billion, according to Bloomberg's Billionaire Ranking.  ;
Ms. Yang is the majority shareholder of Country Garden. It is one of the largest developers in China, which last year achieved the highest turnover in the sector despite a real estate crisis.
Weakened, some groups are fighting for their survival, like promoter Evergrande, strangled by an abyssal slate of some 300 billion dollars.
Country Garden is in comparatively better financial health, but the group is still trying to increase its liquidity as payment deadlines approach.
The group's sale on Wednesday of new shares to raise funds was thus perceived by the markets as a sign of vulnerability.
On Wednesday, the Country Garden share price lost 15% of its value on the Hong Kong Stock Exchange, further reducing the personal fortune by Yang Huiyan.
According to the official press, the 40-year-old has become a billionaire since she inherited the shares of her father, the founder of Country Garden, in 2005.
The housing reform in China (1998), which created real estate market, has led to a dazzling boom in the sector, maintained by social norms, the acquisition of property often being a prerequisite for marriage.
But the massive indebtedness of developers is perceived these years by power as a major risk for the country's economy and financial system.
To reduce the sector's indebtedness, Beijing has thus gradually tightened since 2020 the conditions for access to credit for the promoters, which dried up the sources of financing of the groups already in debt.
A wave of defaults followed, in particular that of the Evergrande group.
Playing its survival , the former Chinese number one in real estate is due to unveil the beginnings of a restructuring plan in the coming days. uration.
Katrine Johns has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Gal Post, Katrine Johns worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my email@example.com 1-800-268-7128