The richest man in Asia, Wang Jianlin, is taking a huge hit from the crash of the Chinese stock market, having lost about about $13bn since stocks peaked in June.
Shares of Wang’s publicly traded companies have dropped. In fact, in the last two trading sessions alone, Wang lost a whopping $3.6bn.
Wanda Dalian Commercial Properties plummeted 38 per cent since June 12, slashing nearly $9bn off the value of Wang’s stake; Wanda Cinema Line fell by 36 per cent, for a loss of $4.2bn; and Wanda Hotel Development shares plunged by 49 percent, wiping another $60m away, according to an analysis of stock exchange data and filings by CNNMoney.
Wang recently overtook Hong Kong billionaire Li Ka-Shing as Asia’s richest man, according to a ranking released last week by the Hurun Report. The report estimated Wang was worth $42.6bn.
Even before the crash, Wanda Cinema was in hot water, experiencing volatile price swings and even a trading suspension for about two months. The cinema and commercial property firms both debuted on the market in the past year, boosting Wang’s wealth.
Wang spent 16 years as a soldier before achieving billionaire status by amassing an empire as founder of the Dalian Wanda Group, a conglomerate that operates in real estate and entertainment.