What stock market slump? Chinese tycoons make billions on dividends and share sales over past year, says report
Nation's richest made more than twice as much this year by selling shares or from dividends - with property moguls among best performers
The stock market slump in China did not stop some of the nation’s richest people from chalking up a profit as 30 tycoons made a total of 86 billion yuan (HK$105 billon) selling shares and in dividend payouts over the past year, according to a new report.
The total value from cashing out in the stock market and on dividends among the top 30 tycoons on the list more than doubled compared with the 36.3 billion yuan made in the same period the previous year, according to the Hurun Cash Out Rich List published by the wealth ranking firm.
The report was published for the ninth consecutive year and the data was collated between July 1 last year and August 14 this year.
The chairman of the property company Hopson Development, Zhu Mengyi, and his family topped the cash-out list selling holdings in Shanghai Electric Group, held under an investment company, for 8.2 billion yuan, the report said. The family ranked 49th in the latest Hurun Rich List with an estimated fortune of 30 billion yuan.
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Wen Yibo, the chairman of Shenzhen-listed water and waste treatment company Sound Environmental Resources, plus his wife Zhang Huiming, ranked in second place as they sold their shares in the company for about 7 billion yuan in the first half of this year, according to the report.
