Asia’s richest man loses US$3.6 billion on China’s ‘Black Monday’ as world's billionaires see their fortunes tumble

Wang Jianlin saw US$2 billion wiped from his stake in Dalian Wanda Commercial Properties

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Published: 11:15am, 25 Aug 2015Updated: 6:11pm, 25 Aug 2015

Asia’s richest person lost US$3.6 billion yesterday, 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 US$2 billion wiped from his stake in Dalian Wanda Commercial Properties, according to the Bloomberg Billionaires Index, after the Hong Kong-listed property developer tumbled 17 per cent to its lowest level since it went public in December. Wang also lost nearly US$1 billion from his Shenzhen-traded Wanda Cinema Line, which fell by the exchange-exposed limit of 10 per cent yesterday. His fortune stood at US$31.2 billion after the decline.

A public relations official for Wang declined to comment on the losses in an e-mail.

READ MORE: China Markets Live - Hong Kong shares surge by over 2 per cent; Shanghai and Shenzhen down but off lows

Twenty-four billionaires saw their wealth fall by more than US billion yesterday including Bill Gates, whose wealth dropped US$3.2 billion. Photo: AFP

China’s stocks tumbled yesterday 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 US$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.

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