Asia’s wealthiest woman lost more than half her fortune over the past year as China’s real estate sector was rocked by a cash crunch, a billionaire index showed Thursday.
Yang Huiyan, a majority shareholder in Chinese property giant Country Garden, saw her net worth plunge by more than 52 percent to $11.3 billion from $23.7 billion a year ago, according to the Bloomberg Billionaires Index.
Yang’s fortune took a major hit on Wednesday when the Guangdong-based Country Garden’s Hong Kong-listed shares fell 15 percent after the company announced it would sell new shares to raise cash.
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