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Southern China’s real estate developers are getting a boost from hopes from the country’s Greater… [+]
© 2019 Bloomberg Finance LP
The listing by JY Grandmark Holdings in Hong Kong on Dec. 5 has lifted the fortune of a wing of one of China’s richest real estate families to more than $1 billion.
Shares in real estate developer JY Grandmark were offered to the public at HK$3.16 each. They ended at HK$3.23 on Friday, making the company’s 30-year-old chairman Michael Chan worth $495 million. Adding his better-known father Chan Cheuk Yin’s wealth from another Chinese real estate developer, Agile Group, where dad is vice chairman, the Chans are worth an estimated $1.3 billion.
Michael, who holds an undergraduate degree from Griffith University in Australia, started the business with financial support from his family, according to JY Grandmark’s prospectus.
Cheuk Yin, 52, is the vice chairman of Agile Group. Cheuk Yin’s brother Chen Zhuolin is the billionaire chairman of Agile Group. Chen is worth $1.8 billion on Forbes Real-Time Billionaires List.
JY Grandmark’s revenue was the equivalent of $188 million in 2018; net profit was $25.7 million. The company has a portfolio of 30 property projects in 10 locations.
Real estate was a major source of wealth for members of the 2019 Forbes China Rich List unveiled in November. (See list overview here.) This week, billionaire listee Shum Chiu Hung’s Times China, a real estate development business, launched an IPO in Hong Kong for its real estate management arm Times Neighborhood Holdings (see link here). The country’s richest real estate developer is Hui Ka Yan, chairman of the Evergrande Group.
China is home to the world’s second-largest group of billionaires after the United States.
–Elaine Mao
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Southern China’s real estate developers are getting a boost from hopes from the country’s Greater… [+]
© 2019 Bloomberg Finance LP
The listing by JY Grandmark Holdings in Hong Kong on Dec. 5 has lifted the fortune of a wing of one of China’s richest real estate families to more than $1 billion.
Shares in real estate developer JY Grandmark were offered to the public at HK$3.16 each. They ended at HK$3.23 on Friday, making the company’s 30-year-old chairman Michael Chan worth $495 million. Adding his better-known father Chan Cheuk Yin’s wealth from another Chinese real estate developer, Agile Group, where dad is vice chairman, the Chans are worth an estimated $1.3 billion.
Michael, who holds an undergraduate degree from Griffith University in Australia, started the business with financial support from his family, according to JY Grandmark’s prospectus.
Cheuk Yin, 52, is the vice chairman of Agile Group. Cheuk Yin’s brother Chen Zhuolin is the billionaire chairman of Agile Group. Chen is worth $1.8 billion on Forbes Real-Time Billionaires List.
JY Grandmark’s revenue was the equivalent of $188 million in 2018; net profit was $25.7 million. The company has a portfolio of 30 property projects in 10 locations.
Real estate was a major source of wealth for members of the 2019 Forbes China Rich List unveiled in November. (See list overview here.) This week, billionaire listee Shum Chiu Hung’s Times China, a real estate development business, launched an IPO in Hong Kong for its real estate management arm Times Neighborhood Holdings (see link here). The country’s richest real estate developer is Hui Ka Yan, chairman of the Evergrande Group.
China is home to the world’s second-largest group of billionaires after the United States.
–Elaine Mao