Asia’s Richest Man Lose $3.6billion In Stock Market Crash

Asia’s richest person was the largest loser in Monday’s stock market crash in China, after stocks in the region fell dramatically.

Chinese tycoon Wang Jianlin, whose UK interests include luxury boat firm Sunseeker yachts and commercial property in London, lost $3.6bn (£2.3bn) on Monday, according to the Bloomberg Billionaires Index. Wang’s main business vehicle intends to build a five-star hotel on the Nine Elms regeneration site in south-west London, billed as the first Chinese luxury hotel overseas.

Chinese businesses have been big investors in Britain in recent years, courted by the prime minister David Cameron and London mayor Boris Johnson on well-publicised trade visits. Chinese investors have also taken stakes in Thames Water, Heathrow and Weetabix.

Wang saw $2bn wiped from his stake in Dalian Wanda commercial properties and lost nearly $1bn from his Wanda Cinema Line, the world’s largest cinema operator.There were further losses from stakes in private companies.

Even after Monday’s decline, Wang’s fortune stood at $31.2bn, according to data compiled by Bloomberg. Earlier this year, Wang took a 20% stake in the Spanish La Liga football club Atlético Madrid.

According to Bloomberg, 24 billionaires saw their wealth fall by more than $1bn on Monday, with many of them based in Asia. However, those based elsewhere were not immune to big falls. Bloomberg said the wealth of Bill Gates, the Microsoft founder, fell $3.2bn on Monday, the biggest decline after Wang.

The losses suffered by Wang are likely to have increased on Tuesday following further falls in the Chinese stock market.

Elsewhere, Hong Kong resident Li Ka-shing, whose interests span from shipping to the Three mobile network in the UK, lost $1.5bn in Monday’s selloff.

The third richest man in Asia, Jack Ma, founder of e-commerce group Alibaba, lost $546m according to Bloomberg, but retains a net worth of $29.6bn.

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