Richest in China falls

THE boss of Jewel development partner Wanda is no longer China’s richest person, slipping four spots in the country’s Hurun Rich List.

Wang Jianlin slipped to fifth place, with his family’s capital dropping by 28 per cent after Wanda endured funding cuts for the purchase of Hollywood studios Legendary for $US3.5 billion. Government clampdowns on foreign investment have also hit Wang’s fortunes.

Construction mogul Xu Jiayin topped the list with assets estimated at $US43 billion ($55 billion).

Xu is the boss of south Chinese corporation Evergrande.