Yang takes China's richest title
25 April 2007
China's richest person title transferred overnight to Yang Huiyan, a 25-year-old woman, with a net worth of about US$9 billion after the initial public offering of Country Garden Holdings, a real estate developer run by her father that posted sharp gains after debuting on the Hong Kong Stock Exchange last Friday. Having raised US$1.66 billion in the initial public offering in Hong Kong, Country Garden is now the biggest developer in China with a market value of about US$15 billion, Forbes reported. Yang joined the family business in 2005; that year, her father transferred his shares in the business to her, with the intention of grooming his daughter as his successor. Yang is currently an executive director of the company, overseeing procurement, enterprise resources management and development strategies. Yang's wealth puts her far ahead of Zhang Yin, chairwoman of top Chinese paper packager Nine Dragons Paper, who holds 72% of the company and has a fortune of more than US$3.4 billion.
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