Evergrande Group Chairman Xu Jiayin Emerges As China’s Richest Person

Published on 12 October 2017

Xu Jiayin, the chairman of real estate developer Evergrande Group, has emerged as the wealthiest person in China with a net worth of US$43 billion, topping the Hurun Report’s annual list of China’s richest individuals released today, according to Reuters.

Xu’s wealth increased by around US$30 billion last year, due largely to a spike in Evergrande shares, which skyrocketed 450%.

Rival property tycoon Wang Jianlin of Dalian Wanda Group fell from first to sixth place on the list, while tech titans Jack Ma of Alibab and Pony Ma of Tencent claimed second and third place respectively.

The 2,000 Chinese individuals on the list had a combined net worth of US$2.6 trillion – up 12.5% from the previous year.

Read the original story here.

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