1. Chinese property tycoon Hui Ka Yan becomes Asia’s second-richest on Evergrande rise

Chinese property tycoon Hui Ka Yan becomes Asia’s second-richest on Evergrande rise

A $9 billion surge in the past seven days has made Chinese property tycoon Hui Ka Yan Asia’s second-richest person.

By: | Published: August 30, 2017 1:47 PM
China, Chinese, Chinese property tycoon, Hui Ka Yan, Asia's second-richest,  Evergrande rise, Asia's second-richest on Evergrande rise, Hui Ka Yan becomes Asia's second-richest, Evergrande shares A billion surge in the past seven days has made Chinese property tycoon Hui Ka Yan Asia’s second-richest person. (Image: Reuters)

A $9 billion surge in the past seven days has made Chinese property tycoon Hui Ka Yan Asia’s second-richest person. Hui, chairman of China Evergrande Group, has added more wealth than any person on the Bloomberg Billionaires Index this year, a 360.6 percent rise that’s added $26.7 billion to his fortune. The 59-year-old Hui, who has a net worth of $34.1 billion, surpassed India’s Mukesh Ambani to become Asia’s second-richest person as Evergrande shares jumped amid soaring property sales and the company’s shift to a low-debt strategy.

Read more on how Evergrande’s rally this year has burned short-sellers

Hui’s ascent follows a boom in the value of Chinese real estate assets that’s added $43.8 billion to the fortunes of the country’s property tycoons this year, a collective gain of 85 percent. Yang Huiyan, vice chairman and controlling shareholder of Country Garden Holdings Co., has added $8.2 billion since the start of the year while Sunac China Holdings Ltd. Chairman Sun Hongbin, who is a U.S. citizen, is up $4.2 billion.

Technology billionaires in China have added $48.9 billion to their wealth this year, which has helped give China’s 40-richest people the fastest-growing fortunes on the planet. Jack Ma, the 52-year-old founder of Alibaba Group Holding Ltd. and Asia’s richest person with $44.9 billion, has added $11.6 billion, a gain of 34.7 percent. Tencent Holdings Ltd. founder Ma Huateng, 45, has risen $12 billion, a 57.7 percent gain that’s pushed his net worth to $32.8 billion, Asia’s fifth-largest.

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