Three Chinese Real Estate Tycoons Gain $5.4 Billion In a DayBy
A rally for Chinese property stocks added a combined $5.4 billion to the fortunes of three tycoons alone on Monday. None fared better than Hui Ka Yan, the richest of them all, whose China Evergrande Group has built him a net worth of nearly $21 billion. Among the others, Yang Huiyan of Country Garden Holdings Co. added $1.3 billion Monday, while Wu Yajun of Longfor Properties Co. tacked on $400 million, according to the Bloomberg Billionaires Index. The rally has been confounding analysts focusing particularly on Evergrande, which trades at about 36 times reported earnings, more than double the valuations of Country Garden.