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Via:
China Daily.
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Billionaire property magnate and former General Director of
Longfor Properties, Wu Yajun, has been knocked from her position as China's
richest woman after she had to transfer almost half of her shares in Longfor to
hernow
ex-husband Cai Kui.
Do not shed a year for Wu yet,
though her stake in Longfor has dropped to 43%, she retains a net worth of
around $4.2bn (approx. 26bn RMB). Her husband is not the only thing Wu loses in
the divorce however. County Garden Holdings Co heiress Yang Huiyan has pipped
Wu to the position of China's 'richest woman', with a fortune of $5bn,
according to the Bloomberg Billionaires Index.
Longfor shares have dropped 4.2%
since news of the divorce broke, despite reassurance by company officials that
the couple's split won't affect the company's daily operations.
Wu and Cai founded Lonfgor in 1994,
selling their first residential project 3 years later. The company raised $1bn
in a 2009 initial public offering (IPO) in Hong Kong. As of 2010, company land
reserves reportedly stood at over 19.16 million square
miles.
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