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Yang Huiyan, Asia's wealthiest woman has lost more than half of her fortune because of the ongoing property crisis in China.

According to the Bloomberg Billionaires Index, majority stakeholder in China’s largest developer Country Garden, Ms Yang’s net worth crashed by more than 52 per cent to $11.3bn (£9.3bn) from $23.7bn in just a year.

Yang got her stake transferred from her father Yang Guoqiang, founder of the Country Garden in 2005, CNN reported.

Country Garden had started off with a focus on building villas, townhouses and large apartments when real estate was one of the most fruitful sectors in China.

She became Asia's richest woman two years later after the developer's initial public offering in came out in 2007.

But the fall in her net worth has narrowed the wealth gap between her and fellow female billionaires in China, making Yang only some $100 million away from being surpassed by Fan Hongwei in wealth. Fan chairs Hengli Petrochemical, a chemical fiber producer.

Yang's fortune took a major hit on Wednesday when the Guangdong-based Country Garden's Hong Kong-listed shares fell 15 percent after the company announced it would sell new shares to raise cash.

Country Garden's stock has lost more than half its market value this year, as the country's property sector has struggled with falling home prices and no demand in the real estate which paved a way for debt default crisis that has consumed some of the other large developers like Country Garden since last year, according to CNN.

Chinese authorities cracked down on excessive debt in the property sector in 2020, leaving major players such as Evergrande and Sunac struggling to make payments and forcing them to renegotiate with creditors as they teetered on the edge of bankruptcy.

Buyers across the country, furious at lagging construction and delayed deliveries of their properties, have begun withholding mortgage payments for homes sold before completion.

China's banking regulator has urged lenders to support the property sector and meet the "reasonable financing needs" of firms as analysts and policymakers fear financial contagion.

 

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