Market Slump Takes Toll on China Rich List

Shanghai-based researcher Rupert Hoogewerf compiled the list of richest people in China for the third time.

From Reuters

Many of China’s richest people grew a bit poorer this year as stock and property markets tumbled, but the country’s wealthy are riding out the downturn better than many of their foreign counterparts, a survey showed on Tuesday.

Real estate heiress Yang Huiyan, 27, saw her estimated fortune shrink to $4.9 billion from $17.5 billion as the market value of her stake in property developer Country Garden Holdings Co plunged, according to the latest annual Hurun Report, which ranked the country’s 1,000 richest people.

Bloomberg also reports

The 50 richest people in Hurun’s 2008 China Rich List had $2.43 billion of personal wealth on average, down from $3.61 billion last year, the Shanghai-based researcher said today. Gome Electrical Appliances Holdings Ltd. Chairman Huang Guangyu was named this year’s richest man with $6.3 billion after falling share prices cost Country Garden Holdings Co. Executive Director Yang Huiyan, who topped the 2007 list, an estimated $12.6 billion.

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