by wenhousecrafts.com
13 October 2006, Friday
 

Richest Chinese Is a Paper Lady

It’s official. According to Hu Run’s Rich List released in Shanghai on Wednesday, this year’s richest person in China is a woman.

Zhang Yin, 49, a Heilongjiang native in China’s northeast, is a paper recycling entrepreneur with an assets estimated at 27 billion yuan (3.3 billion usd). Among the world’s self-made richest women, she ranks the number one.

Last year’s richest person in China slides down to 16th spot. He could fall further back as he is unfortunately involved in several lawsuits relating to his 32 million yuans of unpaid debts, and his assets actually have been frozen by the court order.

Not surprisingly, the property developers make the strongest entry onto the list, with one in every four being engaged in this lucrative and murky business. But IT elites aren’t doing very well this round, and they have been in fact sidelined all together.

This year’s entry threshold is a hefty 800 million yuans (100 million usd). And the overall assets of the 500 people on the list value at 1.1 trillion yuans, accounted for 6 per cent of China’s annual GDP in 2005.

Among the 500 richest Chinese, about one thirds are the members of the ruling Party, which certainly makes many people pause and muse.

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