Asia’s richest person lost US$3.6 billion yesterday, the most among all billionaires worldwide, as China’s stock markets had the biggest plunge since 2007 and a wave of selling spread across the globe.

Wang Jianlin saw US$2 billion wiped from his stake in Dalian Wanda Commercial Properties, according to the Bloomberg Billionaires Index, after the Hong Kong-listed property developer tumbled 17 per cent to its lowest level since it went public in December. Wang also lost nearly US$1 billion from his Shenzhen-traded Wanda Cinema Line, which fell by the exchange-exposed limit of 10 per cent yesterday. His fortune stood at US$31.2 billion after the decline.

A public relations official for Wang declined to comment on the losses in an e-mail.

China’s stocks tumbled yesterday after government stimulus failed to lift investors’ confidence in the country’s slowing economy.

Read more

The Emergency Election Sale is now live! Get 30% to 60% off our most popular products today!

Related Articles