Following her divorce, Wu Yajun, chairwoman of Longfor Properties Co., is no longer China’s richest woman,
Bloomberg reported.
She transferred about 40% of shares in the company to her ex-husband and co-founder of the business, Cai Kui, and her net worth dropped from $7.3 billion to $4.2 billion.
Wu decided to build homes after having problems buying her first apartment, the Bloomberg article said. She and Cai founded the predecessor of Longfor Properties in 1994. Longfor sold its first residential project in 1997; it has since expanded to 14 Chinese cities and is now based in Biejing.
Yang Huiyan, an executive director of Country Garden Holdings Co. and daughter of company founder Yang Guoqiang, is China’s new richest woman; according to Bloomberg, she is worth $5 billion. (Source: Bloomberg, Nov. 20, 2012.)
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