Chinese billionaire loses more than 27 billion dollars this year

Colin Huang, founder of the Chinese e-commerce platform Bindudu, lost more wealth this year than anyone else in the world, according to Bloomberg News Agency today.

Hwang’s fortune has fallen by more than $27 billion, according to the “Bloomberg Billionaires Index”, after his company’s shares fell, as China cracked down on its internet giants.

This is the biggest decline among the 500 members of the index, and even bigger than the $16 billion lost by the head of China Evergrande Group, Hui Ka Yan, whose real estate empire is struggling with a huge set of debts.

This is the clearest example of deteriorating conditions for billionaires in China, where President Xi Jinping is calling for “shared prosperity” and reining in the country’s private sector companies.

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