Yang Huiyan is the main shareholder of the Chinese concern Country Garden. Photo: Country Garden
The crisis raging in the Chinese real estate market brought down the stocks and assets of the local construction magnates. Chinese Yang Huiyan lost 52% of her fortune, but still she still holds the title of Asia’s richest woman with $ 11.3 billion, writes The Guardian.
Huiyan is the main shareholder of the Chinese concern Country Garden. She inherited the capital from her father and significantly increased it.
The Chinese authorities continue the policy of “zero tolerance” for COVID-19, and strict lockdowns are still practiced in the Celestial Empire. Non-performing enterprises, record budget spending and other factors negatively affect the state of the Chinese economy and the purchasing power of the Chinese. Foreign investment also fell sharply.
All this has already dealt a powerful blow to the construction market and the residential real estate market: construction projects are being frozen, developers are filing for bankruptcy.
In just one day, Country Garden’s shares fell 15% as the company announced it was forced to issue and sell new shares to raise working capital.