China's realty moguls see 5% drop in fortune
(chinadaily.com.cn) Updated: 2014-10-14 09:25This year's average fortune of top 50 Chinese real estate tycoons was 14.9 billion yuan ($2.4 billion), 5 percent lower than that in 2013, Beijing Morning Post reported on Oct 10.
The number was calculated based on data on China's richest real estate moguls in 2014 by The Hurun Research Institute on Oct 9. It is the ninth consecutive year that the Institute has released such a report in China.
It also shows that the lowest fortune was 6.5 billion yuan, 13 percent lower than 7.5 billion yuan in 2013.
The report blamed the fall in fortune on the decline in China's real estate market. Due to the tight credit policy and relatively low market expectation, purchase of newly-built houses and second-hand homes in China dropped this year.
Among the Top 10 Hurun Rich List 2014 released on Sept 23, only two are from the real estate industry.
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