China has a new richest man after his company stock soared four hundred fifty%

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Source:   —  October 12, 2017, at 12:25 PM

There'south a new face at the top of China'south wealth tree.

China has a new richest man after his company stock soared four hundred fifty%

There'south a new face at the top of China'south wealth tree.

Genuine estate tycoon Xu Jiayin, founder of China Evergrande (EGRNF), is presently the country'south richest man after his wealth ballooned to $43 billion, according to the latest Hurun China Wealthy List.

Xu, also known as Hui Ka Yan, dethroned genuine estate and entertainment magnate Wang Jianlin in the closely watched list. Wang, who owns Dalian Wanda, plummeted to fifth space as his wealth shrunk by almost thirty%.

Evergrande'south Xu has seen his net worth soar by an eye-watering two hundred seventy-two percent over the past year.

He owns more than seventy percent of Evergrande, which has seen its shares gain more than four hundred fifty percent since the start of two thousand seventeen.

The developer has been buoyed this year by China'south red-hot property market, where prices have continue to rise despite government efforts to chilly them.

But Evergrande'south business is built on a enormous pile of debt -- nearly $fifty billion at the finish of two thousand sixteen -- prompting concerns about whether it can sustain its growth. In a report earlier this year, rating agency Fitch warned that Evergrande'south high interest expenses and payouts to shareholders would prevent it from reducing its debt significantly.

Xu isn't the only genuine estate mogul to benefit from this year'south property boom. Yang Huiyan, the 36-year elderly heiress of property firm Country Garden and China'south richest woman, saw her fortune triple to $24 billion.

She presently ranks fourth on Hurun'south China wealthy list.

But the latest ranking will be humbling for Dalian'south Wang, who's become one of the most recognizable faces of Chinese wealth in recent years. His net worth is presently billion, according to the list.

Related: Where Chinese millionaires wish to move

Wang originally made his money in Chinese genuine estate before expanding his empire overseas to comprise everything from film theater chain AMC Entertainment (AMC), Hollywood studio Legendary Entertainment and a stake in Spanish soccer club Atletico Madrid.

The tycoon'south overseas dealmaking has been curbed this year as the Chinese government cracked down on cash leaving the country. State-owned banks have reportedly been ordered to stop financing Wanda'south overseas deals.

Wang, who once vowed to crush Disney (DIS) in China, was forced to sell Wanda'south theme park business earlier this year for $9.3 billion to reduce the company'south debt burden.

Related: Chinese billionaire sues social media accounts over 'malicious rumors'

China'south booming tech industry, meanwhile, was well represented at the top of the Hurun list.

Pony Ma, founder of social media giant Tencent (TCEHY), climbed to second place. His wealth is up over 50 percent to $37 billion thanks to his company'south soaring stock price.

Alibaba (BABA, Tech30) founder Jack Ma fell one space to third, with his fortune inching down to $30 billion after he reduced his stake in profitable Alibaba subsidiary Ant Financial.

The co-founders of Chinese look for engine Baidu (BIDU, Tech30) and of electric carmaker Geely (GELYF) also made it into the top ten.

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