China´s central government tries to cool down the real estate sector, but the industry keeps on growing. For China´s rich real estate remains the most important money-makes concludes Hurun founder Rupert Hoogewerf, according to news agency Reuters, in this week´s annual Global Rich List.
Reuters:
Six of world’s 10 top real estate tycoons are now from China and Hong Kong, according to Hurun Report Inc, which released its Global Rich list on Tuesday.
Hong Kong property tycoon Li Kai-shing claimed the top spot in the Greater China area with his fortune rising 3 percent to 200 billion yuan ($32.80 billion).
Wang Jianlin, chairman of China’s largest commercial property developer, Dalian Wanda Group, and Lui Che-Woo, founder of casino operator, Galaxy Entertainment Group Ltd, were the runners-up with personal wealth of 150 billion yuan ($24.60 billion) each.
Wang’s fortune doubled last year, while Lui’s wealth jumped 108 percent, the report said.
Wang bought UK luxury yacht maker Sunseeker for $1.6 billion and is planning billion-dollar luxury hotel developments in London and New York.
Home prices in many Chinese cities continued to set records last year despite a four-year government campaign to cool the housing market, official data showed.
Lee Shau Kee, chairman and founder Henderson Land Development Co Ltd and No. 3 on the global top 10 property developer’s list, saw his personal wealth shrink last year, dropping 9 percent to $21 billion. Developer Robert Kuok of the Kuok Group and No. 4 on the list, saw his fortune fall 16 percent to $16 billion.
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