The Hurun Research Institute recently released a report showing the plummet in wealth of the top 20 richest people on the 2008 China Rich List. According to the report, the net worth of the stakes that China’s top 20 richest people hold in their listed companies had shrunk by 91.1 billion yuan or 40 percent compared with the figures issued in the 2008 China Rich List. The biggest loser of them all was Zhengrong Shi of Suntech Power, whose wealth fell as much as 80 percent.
The second biggest loser was Xiaofeng Peng of LDK Solar with a 79 percent decline in wealth, followed by Larry Yung Chi Kin of CITIC Pacific with a 64 percent decline in wealth. Coincidentally, the first two enterprises are both listed on the US security markets. Since Wong Kwong Yu, Chairman of GOME Electrical Appliances, is being investigated by the public security authority GOME Electrical Appliances, a listed company he controls through Pengrun Investment, has been suspended from trading as of February 10.
The report said in the midst of the financial crisis, although the wealth of most billionaires has shrunk, the assets of four rich individuals have increased after declining. Lu Guanqiu and family of the Wanxiang Group saw their wealth balloon by 30 percent. Assets of He Xiangjian of the Midea Group rose 19 percent. The wealth of Lu Zhiqiang of Oceanwide Estate increased 16 percent, while that of Zhou Chengjian and family of Metersbonwe edged up 2 percent.