The man behind China’s second largest property developer by sales is now the country’s richest man.
Xy Jiayin is the mogul who runs Evergrande, the real estate group.
Shares in the firm are now worth almost five times more than they were the year previously, helping Jiayin rocket up China’s rich list. It’s on the back of a pledge to cut debt and focus on profit.
It just shows how strong China’s real estate market is. Although, there is some talk that it could just be a bubble waiting to burst. What’s more, the Chinese government has a track record of stepping into markets and tightening regulations when a rise is so fast that it’s unsustainable. So, if we see property production and sales continue to increase at these rates, expect more state intervention soon.
And the rest
Meanwhile, Wang Jianlin, of hotel and attraction business Wanda Group, fell off the top spot and down a couple of places. Alibaba’s Jack Ma was close behind Jiayin. Clearly the power of e-commerce isn’t limited to western markets. And other real estate moguls made place gains.
However, it wasn’t all good news: Jia Yueting, LeEco founder, dropped over 1000 places from last year. His firm just hasn’t been able to compete with the likes of streaming service Netflix and electric car firm Tesla.