Real Estate Taipan Xu Jiayin Became the Richest Man in China

Rreal estate taipan Xu Jiayin ‘crowned’ as the richest man in China. According to Hurun’s list, Evergrande’s founder of his fortune soared to US $ 43 billion.

Xu, which owns more than 70 percent of Evergrande’s shares, enjoys a gain of more than 450 percent since the start of 2017. The price of property in China continues to rise despite the government’s efforts to ‘cool’ the price.

The man born October 9, 1958 was not the only real estate tycoon who profited from the explosion of property prices this year.

A 36-year-old woman who is the heir of Country Garden, Yang Huiyan, her fortune triple to reach US $ 24 billion. The richest woman in China, ranked fourth in the list of Hurun.

Xu, also known as Hui Ka Yan, shifts the position of real estate tycoon and entertainment Wang Jianlin. Wang who is the owner of Dalian Wanda, was forced to fall to fifth position after his wealth was reduced by 30 percent.

Wang, a longtime player in Chinese real estate, expanded his empire abroad and tried a number of areas, ranging from AMC Entertainment (AMC) movie network, Hollywood Legendary Entertainment studio, and Spanish football club Atletico Madrid.

The overseas business of the tycoon was forced to be dismissed this year as the Bamboo Curtain Government banned any cash transactions outside of China. A number of state-owned banks were also ordered to stop financing Wanda’s foreign transactions.

Wang, who once promised to destroy Disney in China, was forced to sell Wanda’s amusement park business for US $ 9.3 billion at the beginning of 2017. It aims to reduce the debt burden of the company.

In addition to real estate, China’s tech industry dominates the top 10 lists of China’s richest people of Hurun version.

The founder of social media giant Tencent, Pony Ma, climbed to second place. His fortune rose more than 50 percent to US $ 37 billion after the company’s stock price soared.

Meanwhile Alibaba founder Jack Ma slumped to third with a fortune of US $ 30 billion. It happened after Ma reduced her stake in Alibaba’s subsidiary, Ant Financial, which was actually profitable.

Founder of Chinese search engine Baidu, and electric car manufacturer Geely also made it into the top 10.