Jang Chuej-jen, an Asian billionaire, has suffered significant financial losses in recent years due to the ongoing real estate crisis in China. According to Bloomberg, her wealth has plummeted from $34.1 billion to $5.5 billion, a decrease of approximately 84%.
The decline in Jang Chuej-jen’s wealth is primarily attributed to her large stake in the functioning of the developer group Country Garden Holdings, which accounts for 52.6% of the company. As a result, she has lost more financial resources than any other billionaire in the world over the past two years.
The Chinese government’s efforts to cool down the overheated real estate market and curb speculation have had unintended consequences. The real estate crisis, which has been ongoing for about three years, has caused major problems for the country’s largest developers. Evergrande, one of the first developers to face public scrutiny, has been struggling with massive debts for over a year and is on the brink of bankruptcy. The company has accumulated losses of approximately $81 billion in 2021 and 2022.
Now, it seems that Country Garden Holdings is also facing financial difficulties. Recent reports indicate that the company may have incurred a loss of $7.6 billion in the first half of this year, leading to a downgrade in its rating by Moody’s.
These financial problems come as a surprise, considering that Country Garden Holdings reported a profit of $265 million last year. Jang Chuej-jen, who became the richest woman in China at the age of 25, took over the leadership of the company after her father, who co-founded the company in 1992, brought her in as his personal assistant.
The Chinese real estate crisis and the government’s intervention to address it have had far-reaching consequences, impacting not only developers but also wealthy individuals like Jang Chuej-jen. As the situation continues to unfold, it remains to be seen how these financial challenges will be resolved and what the long-term implications will be for the Chinese real estate market.
What factors contributed to the substantial decrease in Jang Chuej-jen’s finances, as reported by Bloomberg
Jang Chuej-jen, a prominent Asian billionaire, has experienced a considerable decline in her finances due to the enduring real estate crisis in China. As confirmed by Bloomberg, her net worth has dwindled drastically, falling from a staggering $34.1 billion to a mere $5 billion.
Wow, what a sudden turn of events for Jang Chuej-jen.
This highlights the volatility of the Chinese real estate market and the risks involved in such investments.