Foreign Property News | Posted by Hnin Ei Khin
China has a new entry on the list of the world’s youngest billionaires as the twenty-something daughter of Longfor Properties founder Wu Yajun just saw her personal net-worth jump by HK$56 billion ($7.17 billion).
Cai Xinyi, daughter of Wu Yajun and her ex-husband and Longfor co-founder Cai Kui came upon her new fortune the old-fashioned way, through a trust set up for her by her mom, who transferred the entirety of her 43.9 percent stake in the China’s eighth-ranked developer by sales in 2017 into the trust according to an announcement by Longfor to the Hong Kong stock exchange.
The wealth transfer instantly catapults the reclusive Cai Xinyi, who is estimated to have been born in 1993, into the ranks of China’s wealthiest people.
The share transfer alone will put the younger Cai’s wealth at a level just below Shimao Properties chairman Hui Wingmao, who placed 22nd on Forbes’ most recent China Rich List with a fortune said to be worth $7.2 billion.
While Cai Xinyi’s exact age remains unclear, the share transfer makes her the only person under 30 among China’s 25 richest people, and ranks her as China’s second-richest woman, according to the latest list of mainland billionaires compiled by Forbes.
Like China’s two other richest women, 37-year-old Yang Huiyan — whose fortune is estimated at $17.1 billion according to Forbes, and 77-year-old Chen Lihua — who is said to be worth $5.8 billion, Cai owes her wealth to the country’s booming real estate market, with Yang having received her wealth through her father’s control of top developer Country Garden Holdings and Chen having founded Beijing developer Fuwah International Group.
Three of China’s six richest people this year, according to Forbes, owe their wealth to real estate, with Evergrande boss Xu Jiayin ranking third on the country’s billionaire list with a fortune of $30.8 billion, while Dalian Wanda chairman Wang Jianlin placed fourth on the list with an estimated $22.7 billion in assets and Yang Huiyan was listed in sixth place.
Ref: Property Report
