China’s wealthiest woman has managed to bring in an astounding $2 billion in only four days. The earnings were the result in a sudden surge in share prices at Country Garden Holdings Co.
China’s Largest Developer
Country Garden Holdings is the largest developer in the country when measured by sales. Its vice chairperson, Yang Huiyan, is already the richest woman in China. Now, after shares in the company veered upward, it brought in an additional $2.1 billion for that one woman alone in only the first four trading days.
Yang is a controlling shareholder of the firm. Her fortune was estimated to be $25.6 billion after the massive four day rise in the stock price. As the wealthiest woman in the country, she is also the fifth richest person in China. This data is according to the Bloomberg Billionaires Index. That measurement was released even before the additional 7.4 percent share price increase that occurred at the start of this week in Hong Kong trading. This brings its gain so far in 2018 to 17 percent.
Youngest Chinese Billionaire
The Bloomberg Index also ranks Yang as being the youngest billionaire in the country as she is 36 years old. Back in 2005, Yang gained a controlling stake in the company from her father as he intended to “train Yang Huiyan as the successor of his family’s interest” in Country Garden Holdings, said the company in its public offering prospectus, which it released in 2007.
Yang’s father, Yang Guioquang, typically addressed as Yeung Kwok Keung, his Cantonese name, is the co-founder of the company, which first opened in 1992.
The Property Market Boom
Country Garden rapidly included itself among the firms that took off in the explosive growth of China’s property market. It brought about very healthy earnings as was the case with most of the large developers in the country. The preliminary contracted sales reports from the company for 2017 were of $85 billion (550.8 billion yuan), which considerably surpassed the target it set back in August 2017 of 500 billion yuan.
The largest developers in China, such as China Evergrande Group, have all recently seen a rally in their Hong Kong trading, which has been welcome news to their execs.