INSUBCONTINENT EXCLUSIVE:
property development company falls deeper into a debt crisis.Yang Huiyan, chair of Country GardenHoldings Co, has seen her fortune slump by
84% since its peak in June 2021, including a drop of 8.2% on Tuesday alone, according to the Bloomberg Billionaires Index.Country Garden
is mainly derived from her stake in Country Garden, whose shares have dropped almost 60% this year as tumbling home sales and soaring
The Foshan-based business that trades publicly in Hong Kong had revenue of 430 billion yuan ($60 billion) in fiscal 2022.Even her loss of
tycoons have seen their wealth eroded after the government cracked down on excessive borrowing in the industry in 2020, making it hard for
developers to refinance swelling debts
The ensuing cash crunch triggered record offshore defaults, wiped out billions of dollars of investments, and delayed construction of
Prior to the collapse, rapid expansion of the residential property sector made Yang, Hui and their peers some of the wealthiest people in
Yang agreed last month to transfer more than half her personal stake, worth about $826 million, to a charity founded by her sister
personal assistant to learn the ropes and eventually succeed him
In 2023, she took over as the sole chair after her father resigned, citing his age.
