It seems almost impossible: losing $28.6 billion in two years. It happened Yang Huiyan, owner of a giant Chinese real estate company. Country Garden Holdings’ stake has fallen by a whopping 94 percent in recent years. The Chinese debt crisis is hitting hard and the wealth of what was once the richest woman in Asia was not spared.
Multi-billionaire loses 94% of his wealth
In recent years, more and more billionaires have lost their fortunes. Consider Sam Bankman-Fried, the former CEO of defunct crypto exchange FTX. He even lost his entire $16 billion fortune within 24 hours. The best man is now waiting behind bars for his trial.
Yang Huiyan lost even more: $28.6 billion to be exact. She is the owner of China’s Country Garden Holding. The company was not long ago the largest real estate developer in China. Even larger than the well-known Evergrande, which recently filed for bankruptcy.
Chinese real estate market in a bind: is the next bankruptcy imminent?
But Country Garden Holding also has big problems due to sky-high debts. Whether the company can pay it off remains to be seen. With 3 million employees and billions in debt, interest rates are high. The company has already missed two payments and has until early September to pay off its debt.
The company is staying afloat for the time being. However, Yang Huiyan’s company has to pull out all the stops because bankruptcy is imminent. Yang Huiyan, who inherited the company from her father, has seen her wealth dwindle in recent years. Her net worth is still estimated to be over $4 billion.
The bankruptcy of Evergrande and the state of Country Garden Holdings are indicative of China’s current economic situation. The entire Chinese real estate market seems to be hanging by a thread and the world is watching with excitement. A major crisis in China could have far-reaching consequences for the global economy.
Country Garden’s Yang Huiyan has lost $28.6 billion in assets in over two years as the Chinese real estate developer headed for a potential default.@RChoongWilkins breaks down what the company’s fate could tell us about the future of China’s economy pic.twitter.com/fcfBkwToNp
— Bloomberg Quicktake (@Quicktake) August 18, 2023