Liang Wengen & Family 梁稳根家族

 Company: Sany Heavy Industry Co. Ltd. and other companies  三一重工等

Sector: Construction Equipment

Shares: 36.61 percent in Sany Heavy Industry Co. Ltd.

Stock code: 600031.SH

Current wealth: 34.8 billion yuan (US$5.52 billion)

Losses: 16.2 billion yuan (US$2.57 billion)

Percentage lost: 31.8 percent

Liang Wengen, chairman of China's largest heavy machinery maker Sany Group, was the richest person in China in 2011. He also topped both the Hurun Rich List 2011 and the Forbes' China Rich List in September. However, the billionaire ended the year as the biggest loser in the value of his assets as well.

Due to the stock slump in the second half of 2011, Liang lost 16.2 billion yuan (US$2.57 billion), or 31.8 percent of his total previous worth of 51 billion yuan (US$8.1 billion). Another seven Sany stockholders and billionaires on the Hurun Rich List 2011 also suffered enormous losses due to depreciation in Sany stocks.

Sany's heavy machinery sales have been severely affected by the country's tighter housing policy, which caused chain reactions throughout related industries. In a January announcement, the company denied a report that it had planned to lay off 30 percent of its workers and cut salaries. Sany called off its plan for a Hong Kong IPO in late September and hasn't given any new date for the deal to date.

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