Yang Huiyan is replaced as Asia’s wealthiest lady by Savitri Jindal

Yang Huiyan, the richest lady in Asia, lost more than half of her money as a result of China’s real estate crisis. Huiyan, who runs Country Garden Holdings, the biggest real estate developer in China, saw her overall wealth fall to $11 billion from nearly $24 billion the previous year. She actually lost a lot of money that day—more than $1 billion.

The largest developers in China are battling declining property prices, waning consumer demand, and a crisis of debt defaults. According to the Bloomberg Billionaires Index, Country Garden Holdings stock has lost more than half its value this year amid the aforementioned uncertainty.

China’s government began cracking down on excessive debt in the real estate sector in 2020, which caused the largest real estate company to default on payments and renegotiate terms with creditors. This caused delays in building and delivery across the nation.

Country Garden stated it will issue fresh shares to raise money in the midst of the crisis, and as a result, its stock plunged 15%.

Huiyan became one of the youngest billionaires on the earth in 2005 after inheriting her father’s share of the real estate business. She has been the richest woman in Asia for the past five years.

Savitri Jindal is now Asia’s richest woman

Yang Huiyan’s fortune experienced a sharp decline, making Savitri Jindal the richest woman in Asia. Jindal, 72, is the 10th richest individual in India’s population of 1.4 billion and the richest lady in the country.

Savitri Jindal’s wealth increased by $12 billion in just two years despite the fact that she never attended college and just took over her husband’s company after his untimely death. In fact, in the past two years, her net worth has increased more than three times, from $4.8 billion in 2022 to $17.7 billion in 2022. This was following a 50% decline in 2019 and 2020. Her net worth decreased from $8.8 billion in 2018 to $5.9 billion in 2019 and then to $4.8 billion in 2020.

When Jindal’s net worth reached $18 billion in 2021, she was admitted to 10 elite clubs. According to Forbes, she has been regarded as the richest Indian lady for a while. She is followed on the list of the richest women in India by Kiran Mazumdar and Crishna Godrej.