, has seen her wealth fall to $16 billion from nearly $34 billion this year as China's property crisis escalates, according to the Bloomberg Billionaires Index.
Country Garden's stock has lost more than half its value this year, as the country's real estate sector has struggled with falling home prices, weakening buyer demand, and a debt default crisis that has engulfed some of its largest developers since last year.Despite losing more than half her fortune, Yang remains the richest woman in Asia, according to the Bloomberg Billionaires Index.
In recent weeks, the real estate crisis has escalated, as thousands of disgruntled homebuyers who had made down payments for unfinished homes threatened to stop paying mortgages if construction is not completed in time. They have drawn attention to the problem of cash-strapped developers being unable to complete properties that they have already sold, which is "putting off new homebuyers." The boycotts have also made banks more cautious about issuing mortgages, which could dent property sales further, they added.
China is a ponzi scheme, which is why the CCP is becoming more militant. They know the reality regarding their economy
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