Liu Yongxing, a magnate in feedstuff and aluminum industries, has become China's richest man with a fortune of 20.4 billion yuan, according to the release of Forbes China Rich List 2008 on October 30.
The Liu family was previously one of the richest families in China. In 2002, the Liu family was one of the few families in China whose wealth exceeded 8 billion yuan.
In 1982, the Liu family started to raise quails and chickens, and successfully built the Hope Group into one of the largest feedstuff manufacturers in China. In 1995, Liu Yongxing moved to Shanghai.
Till today, Liu's East Hope Group is still one of the largest feedstuff manufacturers in China. He also owns aluminum smelting plants. This year, Liu Yongxing's net assets are up to 20.4 billion yuan, 2.32 billion yuan more than last year.
Since the beginning of this year, the Chinese mainland stock market has fallen by 60%, and Hong Kong by 50%. The total wealth of the top 400 in the Forbes China Rich List has decreased by 45% from 2.16 trillion yuan in 2007 to 1.17 trillion yuan in 2008.
Yang Huiyan, who topped Forbes China last year, has dropped to number three. Due to the slowdown of the Chinese real estate market, she lost 106.05 billion yuan and has only 15.1 billion yuan left. Zhang Yin, who has ever once topped the list, has only 1.8 billion yuan remaining this year; she has 25.35 billion yuan last year.
By People's Daily Online
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