Once Asia's Richest Woman, China Property Tycoon Loses More Wealth Than Any Billionaire

Yang Huiyan’s fortune has shrunk $28.6 billion since June 2021
Property developer faces default after missing coupon payments

Chinese Developer Country Garden Could Default

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By Diana Li

August 9, 2023 at 3:33 PM UTC

Updated on

August 10, 2023 at 1:21 AM UTC

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Asia’s once-richest woman has lost more wealth than any other billionaire in the world in just over two years as her Chinese property development company falls deeper into a debt crisis.

Yang Huiyan, chair of Country Garden Holdings Co., has seen her fortune slump by 84% since its peak in June 2021, including a drop of 8.2% on Tuesday alone, according to the Bloomberg Billionaires Index. Country Garden missed coupon payments due on Monday, putting the real estate developer on course for its first public default if it doesn’t make the payments within a 30-day grace period.