China gets 64 new billionaires with rise in real estate stocks

Sydney, Sept. 12 (ANI): China has reportedly added 64 new billionaires this year to its Rich List after a surge in stock prices of real estate.

Based on the Hurun Report, which follows China's wealthy, the number of Chinese worth one billion U.S. dollars had boosted to 315 this year, compared to none a decade ago, the Sydney Morning Herald reports.

The latest Hurun rankings reflected the rapid changes in China's economy and shifts in wealth from one industry to the next.

Wang Jianlin, a real estate developer who bought one of the biggest U.S. cinema chains last year, operates hotels, cinemas and department stores, was ranked first with a fortune of 22 billion U.S. dollars.

Zong Qinghou, a beverage entrepreneur, was ranked second with 18.7 billion U.S. dollars, the report added.

Third on the Hurun list was Ma Huateng, also known as Pony Ma, a popular provider of online games and entertainment, with 10.1 billion U.S. dollars.

One in four of the 1021 people on the Hurun Rich List made their money from real estate and the top five saw their wealth double, the report added.

Real estate prices in China have soared, partly because of government over-spending and bank lending in response to the 2008 global crisis. (ANI)