Top 10 biggest losers of wealth in China 2011
- By Zhang Junmian
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E-mail China.org.cn, February 15, 2012
Huang Wei & family 黄伟家族
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Huang Wei & family [baike.baidu.com] |
Sector: Real Estate
Shares: 69.6 percent in Xinhu Zhongbao Co., Ltd
Current wealth: 15.4 billion yuan (US$2.4 billion)
Losses: 8.8 billion yuan (US$1.4 billion)
Percentage lost: 36.4 percent
Sinhoo Group chairman Huang Wei, who was ranked 18th among the top 3000 richest families in July 2011, had his wealth plunge from 24.2 billion yuan (US$3.84 billion) to 15.4 billion yuan (US$2.4 billion), a shrinkage of 8.8 billion yuan (US$1.4 billion). Established in 1994 in Zhejiang, Sinhoo Group is a conglomerate engaged in finance, real estate, minerals, pharmaceutical and other areas with investments in Xinhu Zhongbao and Harbin High-Tech Group.
In the second half of 2011, its flagship real estate outfit Xinhua Zhongbao issued a total of 23 announcements on stock share pledges. During this period, Huang was also busy with advancing stock option incentive plans and working with real estate giant, Greentown China, for mutual financial guarantees. These signs told the tale of his difficulty with his capital chain.
However, the low-profile and somehow mysterious entrepreneur has played an important role in the futures market. His Xinhu Zhongbao has reserved and developed more than 14 million square meters of land. In the second half of 2011, Huang played an even more active part in the field of private equity, appearing among the stockholders of Shanghai Great Wisdom Co. Ltd. and Jinhe Biotechnology Co. Ltd.
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