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China’s richest real estate developer is Hui Ka Yan

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This week’s listing of Huijing Holdings at the Hong Kong Stock Exchange has lifted a real estate developer from China into the world’s billionaire ranks.

Shares in Dongguan-headquartered Huijing rose by 1% to close at HK$1.95 on Thursday, leaving chairman’s Lun Ruixiang holdings worth $1.1 billion.

Real estate was a major source of wealth for members of the 2019 Forbes China Rich List unveiled in November. China is home to the world’s second-largest number of billionaires. The country’s richest real estate developer is Hui Ka Yan, chairman of the Evergrande Group.

Huijing Holdings sold 788 million shares, priced at HK $1.93 each, raising about HK$1.5 billion. Funds mostly will be used for new projects .

Huijing develops residential and commercial property developer in China, focusing on the Guangdong and Hunan provinces.

Lun Ruixiang, aged 52, established Dongguan Huijing Real Estate in 2002 using his own financial resources and wealth accumulated through other businesses, in particular, the automobile business in Dongguan. He also has auto industry interests.

Source: Forbes

(Note: The story has been published without modifications to the text. Only the headline and intro have been changed.)

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