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Chinese billionaire overtake Mukesh Ambani to become Asia’s second-richest man

LiveMint logoLiveMint 30-08-2017 Jack Witzig

Princeton: A $9 billion surge in the past seven days has made Chinese property tycoon Hui Ka Yan Asia’s second-richest person.

Hui, chairman of China Evergrande Group, has added more wealth than any person on the Bloomberg Billionaires Index this year, a 360.6% rise that’s added $26.7 billion to his fortune. The 59-year-old Hui, who has a net worth of $34.1 billion, surpassed India’s Mukesh Ambani to become Asia’s second-richest person as Evergrande shares jumped amid soaring property sales and the company’s shift to a low-debt strategy.

Hui’s ascent follows a boom in the value of Chinese real estate assets that’s added $43.8 billion to the fortunes of the country’s property tycoons this year, a collective gain of 85%. Yang Huiyan, vice chairman and controlling shareholder of Country Garden Holdings Co., has added $8.2 billion since the start of the year while Sunac China Holdings Ltd. chairman Sun Hongbin, who is a US citizen, is up $4.2 billion.

Technology billionaires in China have added $48.9 billion to their wealth this year, which has helped give China’s 40-richest people the fastest-growing fortunes on the planet.

Jack Ma, the 52-year-old founder of Alibaba Group Holding Ltd. and Asia’s richest person with $44.9 billion, has added $11.6 billion, a gain of 34.7%. Tencent Holdings Ltd. founder Ma Huateng, 45, has risen $12 billion, a 57.7% gain that’s pushed his net worth to $32.8 billion, Asia’s fifth-largest. Bloomberg

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