China's economy resembles a roller coaster in many ways, and especially China's rich in real estate had a very rough year, some falling down, other still moving up, tells Hurun founder Rupert Hoogewerf in the Wall Street Journal.
The Wall Street Journal:
The fallout of Beijing's efforts to curb real-estate speculation across the country has knocked out property as the largest source for wealth for China's richest. The fall for real estate marks a first since Hurun's records began in 1999, the report said.
Similar to last year's ranking, four of the top 10 richest are tied to property. Though two of the four saw their wealth dwindle, with Evergrande Real Estate Group Ltd.3333.HK +0.66% Chairman Xu Jiayin's net worth falling 24% this year, according to Hurun. Mr. Xu ranks ninth, down from fifth last year. Evergrande couldn't be reached to comment.
Some property tycoons are still in ascent. Wang Jianlin, founder of property developer and entertainment company Dalian Wanda Group Corp., rose to No. 2 from sixth last year, bringing his wealth to $10.3 billion, up from $7.1 billion a year earlier, the report said. Mr. Wang's Wanda Group acquired in May U.S. movie theater chain AMC Entertainment Holdings for $2.6 billion. A Wanda spokesman declined to comment.
Mr. Hoogewerf said that although some wealth has been lost this year, there have also been significant gains. "Compare this list to just two years ago and you will see that China's wealth has increased significantly," he said, noting that six years ago China had 15 billionaires, compared with the 251 now.More in the Wall Street Journal.
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