Bil­lion­aires in China lose mil­lions in A-share drop

China Daily (Canada) - - FRONT PAGE -

The coun­try’s top two wealth­i­est ty­coons, Wang Jian­lin, chair­man of Wanda Group, and Jack Ma Yun, founder and ex­ec­u­tive chair­man of Alibaba Group Hold­ings, lost $661 and $123 mil­lion re­spec­tively on Tues­day be­cause of the stock mar­ket plunge, ac­cord­ing to Bloomberg Bil­lion­aires In­dex.

The worst monthly slump in Chi­nese stocks in two years wiped away more than $34 bil­lion in com­bined net worth of the rich­est peo­ple in main­land and Hong Kong in June.

Shen­zhen-listed Wanda Cin­ema Line fell by the daily limit for three days be­fore it was sus­pended from trad­ing on Wed­nes­day, while the group’s Hong Konglisted Wanda Com­mer­cial Prop­er­ties slid 1.9 per­cent.

Alibaba Group Hold­ing dropped 3.3 per­cent at the close of trad­ing in New York on Tues­day, af­ter div­ing as much as 9.1 per­cent.

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