She was the richest woman in Asia, she lost 84 percent of her wealth.
Yang Huiyan, once the richest woman in Asia, has lost a record fortune since June 2021 due to the debt crisis of China’s largest real estate developer Country Garden.
According to Bloomberg data, 84 percent of Yang’s net worth has eroded since June 2021. Yang’s declining fortune totaled $28.6 billion. The 41-year-old billionaire currently has a net worth of $5.5 billion, according to the Bloomberg Billionaires Index.
HE LOST HALF A BILLION DOLLARS IN ONE DAY
Shares of the Hong Kong-listed Foshan-based company have fallen 20.4 percent since the start of the week. Most of Yang’s wealth also comes from his involvement in the company. Yang, who owns a 52.6 percent stake in the company, lost $490 million on Tuesday alone.
According to news reports, Country Garden’s late interest payments on two US dollar bonds plunged the company into a major payment crisis. The company has 30 days to avoid a formal default.
WHO IS YANG HUIYAN?
After graduating from The Ohio State University with a degree in marketing and logistics in 2003, Yang inherited a majority stake in the company from his father in 2007.
Yang, who became the richest woman in China at the age of 25 after the company went public, lost the title of Asia’s richest woman in August 2022 to Savitri Jindal, honorary chairman of the Indian conglomerate. OP Jindal Group.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
