Beijing-Wu Yajun, who was named as China’s richest woman, has lost the title after she had to share her fortune with her ex-husband.
Wu, chairwoman of Longfor Properties Co. Ltd., lost her title after she transferred about 30 percent of her shares in the corporation to her ex-husband Cai Kui.
Her stake in Longfor, a real estate company which both co-founded, dropped by about 45 percent, leaving her net worth estimated at $4.2 billion, down from $7.3 billion.
Yang Huiyan, executive director of Country Garden Holdings Co, is now China’s richest woman with a fortune of $5 billion, the China Daily reported Wednesday.
A Longfor spokesman Tuesday said the divorce had been completed in a “friendly” manner, and the share split between the co-founders won’t violate debt covenants.–IANS