Richest Asian 'lost $5b' in Black Monday's share sell-off

BEIJING • Asia's richest person lost US$3.6 billion (S$5.1 billion) on Monday, the most among all billionaires worldwide, as China's stock markets had the biggest plunge since 2007 and a wave of selling spread across the globe.

Mr Wang Jianlin saw US$2 billion wiped from his stake in Dalian Wanda Commercial Properties, according to the Bloomberg Billionaires Index, after it tumbled 17 per cent to its lowest level since it went public in December.

Mr Wang also lost nearly US$1 billion from his Shenzhen-traded Wanda Cinema Line, which fell by the exchange-exposed limit of 10 per cent on Monday.

The remaining losses stemmed from stakes in private companies.

China's stocks tumbled on Monday after government stimulus failed to lift investors' confidence in the country's slowing economy.

About US$124 billion was wiped off the collective fortunes of the world's 400 richest people as the global sell-off pushed the Standard and Poor's 500 Index into its first correction in nearly four years.

The rout also spread to other regions, seeing fortunes plummet worldwide.

About US$124 billion was wiped off the collective fortunes of the world's 400 richest people as the global sell-off pushed the Standard and Poor's 500 Index into its first correction in nearly four years.

China stocks plunged again yesterday, spelling more losses for Asia's richest. "Everyone is probably overly pessimistic about the stock market now," Ms Amy Lin, a Shanghai-based analyst at Capital Securities Corp, said in an interview. "There was a lot of panic selling in the market."

Even after Monday's decline, Mr Wang's fortune stood at US$31.2 billion. A public relations official for the tycoon declined to comment on the losses.

Twenty-four billionaires saw their wealth fall by more than US$1 billion. They include Mr Bill Gates (US$3.2 billion), Inditex SA founder Amancio Ortega (US$1.5 billion), Mexico's Mr Carlos Slim (US$1.6 billion) and India's second-richest person, Mr Mukesh Ambani (US$1.8 billion).

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A version of this article appeared in the print edition of The Straits Times on August 26, 2015, with the headline 'Richest Asian 'lost $5b' in Black Monday's share sell-off'. Print Edition | Subscribe