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Hong Kong’s Richest Property Tycoons Drop $2.2 Billion in Wealth

The six richest property developers in Hong Kong lost a combined $2.2 billion in net worth today as shares in their companies dived after the government imposed a property tax on overseas buyers.

The wealthiest man in Asia, Li Ka-shing, saw his net worth decline $748 million to $26.3 billion from Friday, as shares in Cheung Kong Holdings Ltd. slid 4.7 percent at the end of trading in Hong Kong, according to the Bloomberg Billionaires Index. Henderson Land Development Co. Chairman Lee Shau-kee dropped $462 million to $22.7 billion. New World Development Co. founder Cheng Yu-tung slid $188 million to $17.3 billion.