The teetering Chinese property empire has caused the wealth of its founder’s daughter to plummet
as Country Garden has more than $180bn of liabilities across 3,000 housing projects and employs more than 70,000 people. Property makes up about 25% of China’s GDP and two-thirds of household wealth is held in property.
Yang, 42, became Asia’s richest woman in 2007 when the firm floated the company on the Hong Kong stock exchange. Her father, Yeung Kwok Keung, had transferred his stake in the company to her in 2005. “She very much stood out as being a rich woman in China, a country where it’s generally businessmen who get all the headlines,” Fraser Howie, an independent analyst who specialises in the Chinese economy told Australia’s ABC.reported – with the headline “Sorry bachelors richest Chinese woman married” – that Yang had wed the son of a senior provincial official whom she met on a blind date. The story said the wedding pictures were the first time any images of Yang had been made public.
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