Yang Huiyan is no longer Asia’s richest lady as China’s real estate crisis has taken a toll on the nation’s developers, including her Country Garden Holdings Co.Savitri Jindal of India has surpassed Yang. She is the creator of the diversified multinational Jindal Group and is worth $11.3 billion.
The only other Chinese tycoon ahead of Fan Hongwei was the chemical-fiber company Hengli Petrochemical Co, which provided much of her wealth. Yang became one of the world’s youngest billionaires in 2005 after inheriting her father’s stake in a real estate firm. She has been the richest woman in Asia since 2010, which is evidence of the flourishing real estate industry in the region.
This week, Country Garden, the largest real estate developer in China, said it needed to raise stock at a discount.As a result, its shares fell to their lowest point since 2016. This year, its fortune, which was $11 billion, has more than half. Yang, who is now in her early forties, owns around 60 percent of Country Garden and 43 percent of its management-services division.