File: Workers take down a bamboo scaffolding from a building in Hong Kong.BEIJING - Asia's wealthiest woman lost more than half her fortune over the past year as China's real estate sector was rocked by a cash crunch, a billionaire index showed on Thursday.
Yang inherited her wealth when her father -- Country Garden founder Yang Guoqiang -- transferred his shares to her in 2005, according to state media. Chinese authorities cracked down on excessive debt in the property sector in 2020, leaving major players such as Evergrande and Sunac struggling to make payments and forcing them to renegotiate with creditors as they teetered on the edge of bankruptcy.
Proceeds from the sale would be used for"refinancing existing offshore indebtedness, general working capital and future development purposes," Country Garden said in a filing with the Hong Kong stock exchange.