26 August 2015
HONG KONG: Asia's richest person lost $3.6 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.
Wang Jianlin saw $2 billion wiped (click here) from his stake in Dalian Wanda Commercial Properties Co., according to the Bloomberg Billionaires Index, after it tumbled 17 percent to its lowest level since it went public in December. Wang also lost nearly $1 billion from his Shenzhen-traded Wanda Cinema Line Co., which fell by the exchange-exposed limit of 10 percent on Monday. The remaining losses stemmed from stakes in private companies, according to data compiled by Bloomberg.
China's stocks tumbled on Monday after government stimulus failed to lift investors' confidence in the country's slowing economy. The rout also spread to other regions, seeing fortunes plummet worldwide. About $124 billion was wiped off the collective fortunes of the world's 400 richest people as the global selloff pushed the Standard & Poor's 500 Index into its first correction in nearly four years. China stocks plunged again on Tuesday, spelling more losses for Asia's richest.
"Everyone is probably overly pessimistic about the stock market now," Amy Lin, a Shanghai-based analyst at Capital Securities Corp., said in an interview. "There was a lot of panic selling in the market."...
