Scandalous! Asia’s Richest Man Lost $13 Billion In Stock Market Slump

(CNN Money, Hong Kong) – Since Chinese stocks peaked in June, shares of Wang’s publicly traded companies have tumbled in Hong Kong and Shenzhen — eroding his personal wealth. He lost a whopping $3.6 billion in just the past two trading sessions — roughly a third of his total losses this summer.

China's richest man Wang Jianlin has lost about $13 billion in China's stock market crash
China’s richest man Wang Jianlin has lost about $13 billion in China’s stock market crash

Wanda Dalian Commercial Properties plummeted 38% since June 12, slashing nearly $9 billion off the value of Wang’s stake; Wanda Cinema Line fell by 36%, for a loss of $4.2 billion; and Wanda Hotel Development shares plunged by 49%, wiping another $60 million 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 $42.6 billion.
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.

DALIAN/CHINA, 12SEPT09 - Wang Jianlin, Chairman and President, Dalian Wanda Group, speaks during the Success versus Survival in a Global Downturn session at The World Economic Forum Annual Meeting of the New Champions in Dalian, China 10-12 September 2009. Copyright World Economic Forum (www.weforum.org/Natalie Behring)
DALIAN/CHINA, 12SEPT09 – Wang Jianlin, Chairman and President, Dalian Wanda Group, speaks during the Success versus Survival in a Global Downturn session at The World Economic Forum Annual Meeting of the New Champions in Dalian, China 10-12 September 2009.
Copyright World Economic Forum (www.weforum.org/Natalie Behring)

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.
Related: Chinese billionaire buys 007’s yacht maker
His ambitions run far and wide, and recent investments have focused heavily on the entertainment sector. In 2013, Wang spent $1.6 billion to buy British yacht maker Sunseeker, which has built vessels for James Bond films. Prior to that, Wang acquired U.S. movie chain AMC Cinemas for $2.6 billion in 2012.

 Dalian Wanda is China’s largest property owner with over 17 million square meters in its portfolio. The company operates shopping malls, luxury hotels and more.

Wanda Dalian Commercial Properties plummeted 38% since June 12, slashing nearly $9 billion off the value of Wang’s stake; Wanda Cinema Line fell by 36%, for a loss of $4.2 billion; and Wanda Hotel Development shares plunged by 49%, wiping another $60 million away, according to an analysis of stock exchange data and filings by CNNMoney.

Advertisements

One thought on “Scandalous! Asia’s Richest Man Lost $13 Billion In Stock Market Slump”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s