Investing
China’s Property Crash Sends Billionaire Founders Heading to Exits
- Longfor shares and bonds tumble after Wu Yajun quits
- Once China’s richest woman, Wu has lost two-thirds of wealth
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For two years, bad news has kept piling on for Chinese property developers.
The nation’s worsening credit crisis has led to defaults, failure to deliver homes on time and an unrelenting market selloff. Now a new phenomenon has emerged: Builders’ founders are leaving.