Rich List | Li Tops Hong Kong Rich List As Wealthy Get Poorer, Forbes Says

Jan. 6 (Bloomberg) — The amalgamated riches of Hong Kong’s tip 40 richest people, led by Li Ka-shing, fell 7.4 percent to $151 billion final year from 2010 as China’s mercantile expansion slowed and skill prices dropped, Forbes Magazine mentioned today.

Li, chairperson of Cheung Kong (Holdings) Ltd., is Greater China’s richest person, with riches estimated at $22 billion, 8.3 percent reduction than final year, Forbes mentioned in a press release. Henderson Land Development Ltd.’s Lee Shau Kee transposed Sun Hung Kai Properties Ltd.’s Kwok family as Hong Kong’s second richest, with a personal luck estimated at $17 billion, it said.

The net value of Hong Kong’s wealthiest forsaken in a year that the city’s benchmark Hang Seng Index fell 20 percent and skill prices followed declines in China on a universal mercantile slowdown. Property tycoons dominated the Hong Kong list, with more than a third of the tip 40 wealthiest creation the bulk of their fortunes from actual estate.

“The fallout is coherent in Hong Kong’s batch marketplace and the new Hong Kong Rich List,” Russell Flannery, a comparison editor at Forbes, mentioned in the release. “This year’s list serve underscores the deepening impasse of Hong Kong’s actual estate attention in the mainland.”

Home prices in China fell for a fourth month in December after the supervision reiterated skeleton to sustain skill curbs, according to SouFun Holdings Ltd. House prices in Hong Kong have depressed to an roughly nine-month low, after surging about 70 percent from the commencement of 2009 to June 2011, according to an index gathered by Centaline Property Agency Ltd.

China’s manage to buy grew 9.1 percent in the third entertain from a year earlier, the slowest gait given 2009, whilst Hong Kong’s sum made at home product increased 4.3 percent, the many slow gait in 7 quarters.

Biggest Gainer

New World Development Co. Chairman Cheng Yu-tung is the greatest gainer on the Forbes list. His riches jumped $6 billion to $15 billion after an primary open gift of auxiliary Chow Tai Fook Jewellery Group Ltd. final month, according to Forbes.

Cheng was the city’s fourth richest, after Sun Hung Kai Properties’ Thomas Kwok and Raymond Kwok, who have amalgamated riches of $15.4 billion, Forbes said.

SJM Holdings Ltd. Chairman Stanley Ho, who ranked No. 13 a year ago, with net value $3.1 billion, was private from the list this year after dividing his properties amid family members. SJM Managing Director Angela Leong On Kei, mom of Ho’s youngest young kids and a beneficiary, debuted on the list with a riches of $1.6 billion, Forbes said.

The minimum net value to make the city’s 40 richest fell to $950 million from $1 billion a year earlier, Forbes said.

–Editors: Stan James, Tan Hwee Ann

To meeting the reporters on this story: Stanley James in Hong Kong at sjames8@bloomberg.net; Marco Lui in Hong Kong at mlui11@bloomberg.net

To meeting the editor accountable for this story: Stanley James at sjames8@bloomberg.net

How Come That Idiot’s Rich And I’m Not?  by Robert Shemin 30 new from $5.65 Eat To Live: The Amazing Nutrient-rich Program For Fast And Sustained Weight oss, Revised Edition  by Joel Fuhrman 56 new from $7.73

More Stories Webster Dictionary | Ufo And Flying Saucer Ufo Encounters How To Become | Sushma Swaraj On How To Be A Popular MLA Get Money | Watch Biggie And Jay-Z Perform “Get Money” In '96 How To Become | Camp Aims To Teach Boys How To Become Men Rich Ford | Amazing Story Of “think And Grow Rich” Book Forbes Rich List | Tycoon Usmanov Tops Russian Forbes Rich List Rich And Poor | UN Talks Take First Steps On 2015 Climate Deal New Rich | ‘Rich List’ Shows 7-figure Pay Deals For City Officials

Comments