HONG KONG: China’s best known report on personal riches says property tycoon Xu Jiayin has become the country’s wealthiest person, knocking billionaire Wang Jianlin off the top spot.

The Hurun Report estimated that Xu’s wealth nearly quadrupled to $43 billion. Xu is the founder of developer Evergrande, based in the southern city of Guangzhou. The report released on Thursday said Wang fell to fifth place as his wealth shrank 28 percent to $23 billion.

The change reflects Beijing’s efforts to tighten up on companies piling up debt to make marquee investments abroad and instead encourage entrepreneurs to focus on domestic growth.

Wang’s Dalian Wanda Group started as a real estate developer and then branched out by acquiring a Hollywood studio, US cinema chains, Spanish soccer teams and a British yachtmaker.

Published in Dawn, October 13th, 2017