Via: China Daily.
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 her now 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.