China+crowns+new+richest+man%3B+Jack+Ma+knocked+off+to+3rd
Friday, 13 October 2017 - 12:50
China crowns new richest man; Jack Ma knocked off to 3rd
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Chinese property tycoon, Xu Jiayin, who founded the “Evergrande Group”, has knocked “Dalian Wanda” owner, Wang Jianlin, off the top of China’s rich list to become the country’s wealthiest man.

The “Hurun Report”, which is China’s best-known list of wealthy individuals, estimates the 59-year-old Xu Jiayin’s wealth has quadrupled to $43 billion in 2017.

Xu, who is also known as Hui Ka Yan, moved up nine places from last year.

His company “Evergrande” is China’s largest property group by sales, which has no doubt been pushed on by China’s booming property market, which Beijing has been attempting to tame.

Meanwhile, foreign media report that “Evergrande”’s business is built on a large amount of debt and there are concerns on whether it can sustain its growth.

Ratings agency called, “Fitch” warned that it won’t be able to significantly reduce that debt due to its high interest expenses and payouts to shareholders.

Moreover, other winners include Ma Huateng, the founder and chief of internet conglomerate “Tencent” (TCTZF, -1.32%), who took the No. 2 spot from “Alibaba” (BABA, -2.18%), the executive chairman Jack Ma, who is now in third place.

Wang Jianlin dropped to fifth after declines in the share price of Dalian Wanda.

 

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