Property curbs a blow for rich
By Lu Nengneng |
October 10, 2012, Wednesday
|
Print Edition
Print Edition
CHINA'S efforts to cool the housing market have left a dent in the wealth of mainland property tycoons, according to the 2012 Hurun Property Rich List published yesterday.
Following purchase restrictions and credit and tax policies aimed at curbing property speculation, the average wealth from property development by the top 50 richest industrial players on the mainland fell 5.2 percent from 2011 to 12.8 billion yuan (US$2 billion), the Hurun Research Institute said yesterday.
That was a 17.4 percent decrease from its peak in 2007 when China's property market was in full swing.
Ten years ago, property accounted for nearly 50 percent of those on the Hurun Rich List that features the top 1,000 wealthiest mainlanders.
This year, property has lost its place as the biggest wealth source on the mainland for the first time since the list was issued in 1999, with just 19.8 percent counting property as their main activity, compared with 20.5 percent in manufacturing.
The cut-off point to make the Hurun Property Rich List fell 7.7 percent to 6 billion yuan while the benchmark for the top 10 was down 5.5 percent to 17 billion yuan. The number of individuals with more than 10 billion yuan dropped by two to 24, with their combined wealth shrinking more than 10 percent, or 53.5 billion yuan.
Wang Jianlin, 58, chairman of Dalian Wanda Group, snatched back his 2010 title of the richest Chinese mainland property developer from Hui Ka Yan of Evergrande Real Estate, who is now in fourth place.
Ranking second on the 2012 Hurun Rich List with US$10.3 billion in personal assets, Wang is reckoned to have made 45 billion yuan, up 7 percent on last year, from shopping malls.
Though up a place to second on the property rich list, Wu Yajun, 48, of Longfor Properties, the richest woman on the Chinese mainland, saw her wealth evaporate 13 percent to 35 billion yuan.
Evergrande Real Estate's stock price has been in turbulence and that has led to a 40 percent plunge in Hui's wealth, now 26 billion yuan.
Beijing is home to most rich property developers, with 14 companies, including Wanda and Longfor, headquartered there.
Guangdong Province has 11, including Evergrande, followed by Fujian Province and Shanghai which both have six.
Following purchase restrictions and credit and tax policies aimed at curbing property speculation, the average wealth from property development by the top 50 richest industrial players on the mainland fell 5.2 percent from 2011 to 12.8 billion yuan (US$2 billion), the Hurun Research Institute said yesterday.
That was a 17.4 percent decrease from its peak in 2007 when China's property market was in full swing.
Ten years ago, property accounted for nearly 50 percent of those on the Hurun Rich List that features the top 1,000 wealthiest mainlanders.
This year, property has lost its place as the biggest wealth source on the mainland for the first time since the list was issued in 1999, with just 19.8 percent counting property as their main activity, compared with 20.5 percent in manufacturing.
The cut-off point to make the Hurun Property Rich List fell 7.7 percent to 6 billion yuan while the benchmark for the top 10 was down 5.5 percent to 17 billion yuan. The number of individuals with more than 10 billion yuan dropped by two to 24, with their combined wealth shrinking more than 10 percent, or 53.5 billion yuan.
Wang Jianlin, 58, chairman of Dalian Wanda Group, snatched back his 2010 title of the richest Chinese mainland property developer from Hui Ka Yan of Evergrande Real Estate, who is now in fourth place.
Ranking second on the 2012 Hurun Rich List with US$10.3 billion in personal assets, Wang is reckoned to have made 45 billion yuan, up 7 percent on last year, from shopping malls.
Though up a place to second on the property rich list, Wu Yajun, 48, of Longfor Properties, the richest woman on the Chinese mainland, saw her wealth evaporate 13 percent to 35 billion yuan.
Evergrande Real Estate's stock price has been in turbulence and that has led to a 40 percent plunge in Hui's wealth, now 26 billion yuan.
Beijing is home to most rich property developers, with 14 companies, including Wanda and Longfor, headquartered there.
Guangdong Province has 11, including Evergrande, followed by Fujian Province and Shanghai which both have six.
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