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Richest person in China is 26-year-old woman [Copy link] 中文

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Post time 2007-10-9 03:13:43 |Display all floors
High real estate prices and new Hong Kong exchange have made Yang Huiyan a billionaire.
October 8 2007: 12:07 PM EDT

BEIJING (AP) -- A 26-year-old woman worth $16.2 billion is mainland China's richest person, the business magazine Forbes said Monday, topping a list of tycoons whose wealth has soared amid a boom in stock and property prices.

The fortune of Yang Huiyan - also Asia's richest woman - is based on shares in Country Garden Holdings Ltd., a real estate developer founded by her father, Forbes said. It said the company's Hong Kong stock market debut this year made billionaires of Yang and four other people.

In second place was another developer, Hui Wing Mau, with a net worth of $7.3 billion. No. 3 was Guo Guangchang, chairman of a manufacturing, retailing and real estate conglomerate, with a fortune of $4.85 billion.

China stocks soar to record

Their rise reflects a sharp rise in Chinese real estate prices over the past year despite government efforts to restrain a boom that it worries could ignite a debt crisis or leave the country's poor majority without affordable housing.

Yang also represents an unusual case of second-generation wealth in China, where most of the richest people are self-made entrepreneurs still in their 30s and 40s.

Her net worth was more than seven times that of last year's richest mainland Chinese person, appliance retailer Huang Guangyu, who was worth $2.3 billion. Huang, also known as Wong Kwong-yu, dropped to No. 10 on this year's list, even though his net worth rose by more than 50 percent to $3.6 billion.

Forbes said it compiled its list by looking at shareholdings in public companies and estimating what holdings in private entities would be worth if public.

The list excludes Hong Kong, home to some of the region's richest business people, such as tycoon Li Ka-shing.

The China list's rankings change sharply from year to year, reflecting the rapid evolution of the booming economy, which expanded by 11.9 percent in the most recent quarter.

This year, there were 20 new names among the list's top 40 richest people, Forbes said.

Yang, who graduated from Ohio State University, was one of 12 real estate developers among the top 40, Forbes said.

All 40 were billionaires, up from only 15 last year, the magazine said. The combined net worth of the top 40 also rose sharply, from $38 billion in 2006 to $120 billion this year.

Yang's father, Yeung Kwok-keung, also known as Yang Guoqiang, grew up in poverty in southern China's Guangdong province and worked as a bricklayer before becoming a developer in the early 1990s, according to Hong Kong news reports.

In 2005, the press-shy Yeung transferred his shares to his daughter, who sits on Country Garden's board as an executive director and works in its logistics activities, according to Forbes.

China Digital TV shares double after IPO

Forbes said earlier that Country Garden's April IPO was likely to make Yang the world's second-youngest billionaire, behind Germany's Prince Albert von Thurn und Taxis.

This year's Forbes list also reflected the growing wealth of southern China.

Guangdong, which abuts Hong Kong, produced 13 billionaires, more than any other province, the magazine said. The booming province is the heart of China's export-driven light manufacturing industries.

Last year's richest woman, Zhang Yin, founder of Nine Dragons Paper Co., fell from No. 5 to No. 11 on this year's list, though her net worth grew by 125 percent to $3.4 billion.

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Post time 2007-10-9 11:27:24 |Display all floors

Old inequalities are returning to China!

What's happening?

Old inequalities returning back to China?

Green Dragon

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Post time 2007-10-9 13:30:22 |Display all floors
Originally posted by seneca at 2007-10-9 13:05
Instead of showcasing a 26-year old's "wealth", the media had better cover the circumstances by which she managed to get where she is.

i tell u the truth..........ALL from her father's hard work...........& the share prices...........listed recently
What's on your mind now........ooooooooooooooo la la....Kind Regards

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Post time 2007-10-9 21:17:19 |Display all floors

Reply #2 --- greendragon's post...

You wrote,

"What's happening?

Old inequalities returning back to China?"

===>  I am not familiar with the means by which she and her family obtained this wealth.  Assuming it was legal under China's system/laws, perhaps she and her family were just smarter and worked harder than others.  Should they be punished for this?  Should they be denied to enjoy the benefits of their labor?  Do you believe that the wealth they accumulated should be redistributed to those less intelligent or who did not work as hard?

I would hope that those employed by this woman and her family are making good salaries and sharing in the success.  That is one are where I would consider investigating in how her employees are rewarded for their work and abilities.

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Post time 2007-10-10 11:37:49 |Display all floors

Reply #5 nosferatu's post

I am just "putting on" the Red Faction hat, when i wrote that!

I just got to be smarter in my "post", i am learning from Mr. CaringHK!
Sometimes, i must post like Red Faction, Sometimes i post like Blue Faction and sometimes i can post like Green Faction, my favoured group!

ha ha ha

That way, my life is pleasant from the likes of Mr. Tan, of Hai O (he send people into my company to disrupt it), they are all from the old Red Faction hotbed in Nanyang University in Singapore! Actually one of my cousin from Ipoh is also Red Faction, he died a poor man but popular with his students. (see! they pray to God of Happiness). My cousin was a school teacher in Chinese language school in Ipoh!

You have to be careful like Chairman Mao whenever you open you "Gab" in China!

Green DRagon
Game Master

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Post time 2007-10-10 11:38:41 |Display all floors

Reply #6 seneca's post

It's not good to highlight such cases!

It bring RED EYEs to the RED FACTION.
then they will decide on many diabolical plans to change society!

ha ha ha

Green Dragon

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Post time 2007-10-10 14:13:24 |Display all floors
Originally posted by caringhk at 2007-10-9 13:30

i tell u the truth..........ALL from her father's hard work...........& the share prices...........listed recently

Quite right.....
what's the fuss?

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