Begin forwarded message:
From: "Alamaine, IVe" <[EMAIL PROTECTED]>
Date: November 1, 2008 7:14:13 AM PDT
To: [EMAIL PROTECTED]
Subject: [ctrl] Slump in stockmarkets wipes out two-thirds of China's
billionaires
Reply-To: [EMAIL PROTECTED]
http://www.guardian.co.uk/world/2008/nov/01/china-recession-super-rich-
billionaire
Slump in stockmarkets wipes out two-thirds of China's billionaires
Tania Branigan in Beijing
The Guardian, Saturday November 1 2008 larger | smaller
larger | smaller
Who wants to be a billionaire? More than 40 impoverished Chinese
tycoons, who
have lost their platinum status thanks to the world's financial turmoil.
Louis Vuitton, Cartier and Bentley should perhaps be bracing
themselves for
leaner times. The combined worth of the country's 400 richest people has
plummeted by 40% to a mere $173bn (£100bn) since last year, new
research has
shown.
That has slashed the number of Chinese billionaires from 66 in 2007 to
just 24.
It would have been even lower without the yuan's rise against the
dollar.
A 60% plunge in the Chinese stockmarket, and a 50% drop in Hong Kong
shares,
has wiped hundreds of millions of dollars off the biggest fortunes.
The top 40
lost an even larger proportion - $68bn, or 57% - according to Forbes
magazine,
which compiles the annual rich list.
Yang Huiyuan, the property heiress who topped last year's list, is the
biggest
loser. Her net worth dropped a staggering $14bn, leaving her with
$2.2bn -
merely enough to scrape in at third place.
Property magnates dominated 2007's list. But the sales have slumped
this year -
wiping out 98% of Cheung Chung Kiu's fortune. Last year, the boss of the
developer CC Land stood at number 26. Now he is outside the top 400.
"You can't really believe it," said Zhang Xin, who runs another well-
known
property firm, Soho China. She lost two-thirds of her fortune but
clung on to
billionaire status with her remaining $1.2bn. Yet, like many, she was
optimistic about the future: "We'll ride with the next wave," she told
Forbes.
Manufacturing businesses have also suffered, cutting the fortune of
Yan Cheung
to only $265m. The head of Nine Dragons Paper, China's largest
packaging maker,
was previously one of only 10 self-made female billionaires in the
world.
And Larry Yung of Citic Pacific lost more than $500m in a single day.
But Zhou
Chengjian bucked the trend by climbing 351 places to fifth spot after
his
fashion firm boosted his wealth to $2bn.
More bad news may be on its way for the newly impecunious - yesterday
the
benchmark Shanghai composite index slid again.
guardian.co.uk © Guardian News and Media Limited 2008
~ ~ ~ ~ ~ ~ ~
Alamaine, IVe
Grand Forks, ND, US of A
~ ~ ~ ~ ~ ~ ~
"All are lunatics, but he who can analyze his delusion is called a
philosopher." - Ambrose Bierce (1842-1914)
"Being ignorant is not such a shame as being unwilling to learn." -
Poor Richard's Almanack, 1758 (Benjamin Franklin)
~~~~~~~
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