Yang Huiyan, chairwoman of real estate group Country Garden and one of China's richest women, has lost more wealth than any other billionaire in the world in the past two years.
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Ms. Duong's net worth has dropped 84% since June 2021, equivalent to $28.6 billion, according to the Bloomberg Billionaires Index.
Ms. Duong's net worth is now only $5.5 billion, dropping her to 475th place on the index. She lost $490 million on August 8 alone.
Country Garden, one of China’s largest real estate companies, has missed interest payments on two US dollar bonds, adding to investor worries as China’s property sector continues to struggle. As a result, Country Garden’s shares fell as much as 16% in Hong Kong.
Paper.cn quoted an unnamed company source as saying that Country Garden is facing “temporary liquidity pressure” due to declining sales and a difficult refinancing environment. The group is seeking funding sources to resolve its debt problems and protect the legitimate rights of bondholders.
Country Garden still has 30 days before it is placed into bankruptcy.
China’s once booming real estate sector accounted for 30% of GDP. But in recent years, many large corporations have fallen into debt crises, most notably the collapse of Evergrande two years ago.
Country Garden went public in 2007, with a $1.7 billion IPO in Hong Kong. In March this year, Ms. Yang inherited the group from her father, Mr. Yang Kwok-Keung, its founder.
According to Tien Phong
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