You are here: Home » International » News » Others
Business Standard

Property titan Xu Jiayin overtakes Alibaba's Jack Ma as China's richest man

Evergrande Group owner Xu Jiayin's fortune of about $42.5 billion puts him ahead of Jack Ma ($35.4 billion) and Tencent founder Pony Ma Huateng ($35.3 billion)

IANS  |  Beijing 

Jack Ma (Photo: Reuters)
Jack Ma (Photo: Reuters)

The owner of a real estate company has become the richest person in China with a $36.7 billion net worth, overtaking co-founder Jack Ma, it was reported on Monday.

Evergrande Group owner Xu Jiayin's fortune of about $42.5 billion puts him ahead of ($35.4 billion) and Tencent founder Pony Ma Huateng ($35.3 billion), reports Efe news.

The Forbes "real-time ranking" of the world's billionaires places Xu at number 20, one spot ahead of and two ahead of Huateng.

The real estate titan was named the richest person in China in 2017 by Forbes.

Although his wealth declined in 2018, the increase in the value of Evergrande's shares has repositioned him at the top of the China's rich list as its stocks continued to rise over the past month, according to the China Securities Journal.

ALSO READ: How billionaire Jack Ma is using sports data to change the way people shop

The first woman to make the list is property developer and majority shareholder of Country Garden Holdings, Yang Huiyan, in sixth position with an estimated wealth of about $18.2 billion.

ALSO READ: Jack Ma, China's richest man, confirmed as member of 'Communist' Party

The youngest Chinese billionaire is Zhang Yiming, 34, and founder of ByteDance, a technological company that has developed popular apps such as Douyin (known in the market as TikTok) with as estimated wealth of about $6.8 billion.

First Published: Mon, December 10 2018. 14:46 IST
RECOMMENDED FOR YOU