Mysterious Scion Gets $7 Billion Stake in China Property Giant
- Share transfer for ‘family wealth and succession planning’
- Longfor stake moved to trust set up by chair’s daughter
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One of China’s richest women is transferring a piece of her property empire to a trust linked to her daughter.
A discretionary trust set up by Longfor Group Holding Ltd.’s chair, Wu Yajun, 54, will distribute the entire stake of a holding company with 44 percent of the residential and retail developer to a trust established by Wu’s daughter. The company didn’t disclose the trust’s beneficiaries.