Asian richest man loses $13bn in stock crash

Asia’s richest man, Wang Jianlin, has lost about $13bn in China’s stock market crash.

Since Chinese stocks peaked in June, shares of Wang’s publicly traded companies have tumbled in Hong Kong and Shenzhen – eroding his personal wealth.

He lost a whopping $3.6bn in just the past two trading sessions – roughly a third of his total losses this summer.

Wanda Dalian Commercial Properties plummeted 38 per cent since June 12, slashing nearly $9bn off the value of Wang’s stake; Wanda Cinema Line fell by 36 per cent, for a loss of $4.2bn; and Wanda Hotel Development shares plunged by 49 percent, wiping another $60m away, according to an analysis of stock exchange data and filings by CNNMoney.

Wang recently overtook Hong Kong billionaire Li Ka-Shing as Asia’s richest man, according to a ranking released last week by the Hurun Report. The report estimated Wang was worth $42.6bn.

Even before the crash, Wanda Cinema was in hot water, experiencing volatile price swings and even a trading suspension for about two months. The cinema and commercial property firms both debuted on the market in the past year, boosting Wang’s wealth.

Wang spent 16 years as a soldier before achieving billionaire status by amassing an empire as founder of the Dalian Wanda Group, a conglomerate that operates in real estate and entertainment.