China Hemorrhages Third Of All Billionaires Amid Property Market Crisis

China's property market crisis has decimated the country's billionaire class, with a third of them losing their status in the past three years. The Hurun Report reveals a 36% drop in dollar billionaires, exceeding the renminbi's depreciation against the dollar. This year alone, the number fell by 16%, despite a smaller depreciation in the currency. This downturn is linked to China's decades-long investment-led growth model, which has faced challenges in recent years, leading to a slowdown in the economy. The property market downturn has particularly affected entrepreneurs with fortunes tied to property developers. Despite a recent stimulus package, experts believe it may not be enough to revive the economy, with China's peak credit impulse dwindling. This lack of sufficient stimulus will likely continue to impact the housing market and further worsen the situation for billionaires connected to it. The report also highlights a new generation of Chinese entrepreneurs who are more internationally focused. While Zhang Yiming, founder of ByteDance, now tops the billionaire list, the overall decline in wealth underscores the severity of China's economic challenges.