From AFP via the Asia Times, Sept. 20:
Fortunes wiped over fears that one of China's biggest developers will default on interest payments this week
The boss of a Shanghai-based property developer lost more than a billion dollars Monday, as fears over the potential collapse of Chinese real estate giant Evergrande sent panic across Hong Kong trading floors.
Zhang Yuanlin, chairman of Sinic Holdings Group, saw his net worth drop from $1.3 billion in the morning to $250.7 million by the afternoon, according to Forbes, when his firm was forced to halt trading in Hong Kong following an 87 percent slump in its share price.
Zhang was featured on Forbes’ Billionaires list of the world’s richest people this year and made his fortune in high-rise apartments – now highly vulnerable as the possible collapse of teetering property giant China Evergrande sparks panic....
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