Asia’s richest person was the largest loser in Monday’s stock market crash in China, after stocks in the region fell dramatically.
Chinese tycoon Wang Jianlin, whose UK interests include luxury boat firm Sunseeker yachts and commercial property in London, lost $3.6bn (£2.3bn) on Monday, according to the Bloomberg Billionaires Index. Wang’s main business vehicle intends to build a five-star hotel on the Nine Elms regeneration site in south-west London, billed as thefirst Chinese luxury hotel overseas.
It wasn’t a lucky day for movie theater magnate Wang Jianlin, who lost an estimated $3.6 billion during the Chinese stock market crash on Monday, according to Bloomberg. “Wang Jianlin saw $2 billion wiped from his stake in Dalian Wanda Commercial Properties Co., according to the Bloomberg Billionaires Index, after the Hong Kong-listed property developer tumbled 17 percent to its lowest level since it went public in December. Wang also lost nearly $1 billion from his Shenzhen-traded Wanda Cinema Line Co., which fell by the exchange-exposed limit of 10 percent on Monday,” Bloomberg reported. It’s not all bad news: His fortune still stood at $31.2 billion at the end of the day.
Even after Monday’s decline, Wang’s fortune stood at $31.2bn, according to data compiled by Bloomberg. Earlier this year, Wang took a 20% stake in the Spanish La Liga football club Atlético Madrid.
According to Bloomberg, 24 billionaires saw their wealth fall by more than $1bn on Monday, with many of them based in Asia. However, those based elsewhere were not immune to big falls. Bloomberg said the wealth of Bill Gates, the Microsoft founder, fell $3.2bn on Monday, the biggest decline after Wang.
The losses suffered by Wang are likely to have increased on Tuesday following further falls in the Chinese stock market.
Elsewhere, Hong Kong resident Li Ka-shing, whose interests span from shipping to the Three mobile network in the UK, lost $1.5bn in Monday’s selloff.
The third richest man in Asia, Jack Ma, founder of ecommerce group Alibaba, lost $546m according to Bloomberg, but retains a net worth of $29.6bn.