Number of China's female billionaires on the rise

Yang Huiyan, 32, has become China's richest woman of 2013 with a fortune of 51 billion yuan ($8.33 billion), according to Hurun China's Women Rich List 2013, released by the Hurun Research Institute in Shanghai on Tuesday.

More than half of the world's richest self-made female entrepreneurs are from China, said the report.

Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, the Shanghai-based magazine that publishes the list, said the big jump in the number of female billionaires shows that China is providing a good business environment.

"Rich female entrepreneurs in China are no longer just a Chinese story. Instead, it is a global story as rich females in China are having increasing global recognition," said Hoogewerf.

Yang is the daughter of the founder of real estate developer Country Garden. She was first-ranked on the list in 2007, when she took over her father's stock holdings.

Moody's Investors Service has upgraded the corporate family and senior unsecured debt ratings of Country Garden Holdings Co Ltd to Ba2 from Ba3. The outlooks for all ratings are stable.

"The upgrade reflects the consideration that Country Garden has established strong sales execution, supported by strong mass-market demand. Moody's believes the company can sustain its sales momentum, given its competitive business model," said Lina Choi, a Moody's vice-president and senior analyst.

Country Garden reported contract sales of 51.9 billion yuan in the first eight months of 2013, achieving 84 percent of its target for the year. The sales reflect its business model of efficient turnover in favorable market conditions, facilitating price stability and strong sales volume.