The ongoing real estate crisis in China is affecting the general public and businesses as well as the wealthy. As a result, Asia's richest woman's wealth has fallen by more than 50 percent in the past year. Yang Huiyan, the owner of China's largest real estate company Country Garden and Asia's richest woman, saw her wealth drop 52 percent to $11.3 billion from $23.7 billion a year earlier, according to the Bloomberg Billionaires Index.
The main reason for Yang Huiyan's decline in wealth was the fall in her company's share price. Her company's shares fell 15 percent on Wednesday due to China's real estate crisis. Country Garden was started by Yang Huian's father, Yang Guoqiang, then in 2005 he handed over all the company's shares to his daughter, and since then Yang Huian has been on the list of the world's richest people. Yang Huiyan is in danger of losing her title as Asia's richest woman. Chinese chemical tycoon Fan Hongwei is now worth $11.2 billion.
Meanwhile, China's real estate sector is currently facing a liquidity crisis due to over-indebtedness. In many provinces in China, builders are selling houses to farmers in exchange for fruits and vegetables. According to media reports, the financial crisis has led to a sharp drop in house prices across the country and in many provinces, people are defaulting on their mortgages. This is because the value of their houses has decreased significantly compared to the loans taken from them.