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 Oops, China billionaire's wealth plunges 84%

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Oops, China billionaire's wealth plunges 84% Vide
PostSubject: Oops, China billionaire's wealth plunges 84%   Oops, China billionaire's wealth plunges 84% Icon_minitimeFri Oct 02, 2015 8:28 pm
The Chinese billionaire using his personal fortune to help fund a $US50 billion ($71 billion) Nicaraguan challenger to the Panama Canal has crashed into the bitter reality of equity markets in the world's second-largest economy.

Oops, China billionaire's wealth plunges 84% 1443762414060

Telecommunications entrepreneur Wang Jing, 42, was one of the world's 200 richest people with $US10.2 billion at the peak of the Chinese markets in June, according to the Bloomberg Billionaires Index. His net worth has since fallen to $US1.1 billion.

His 84 per cent drop so far in 2015 is the worst recorded by the index, which provides a daily ranking of the world's 400 richest people. Ivan Glasenberg, chief executive of Switzerland-based Glencore, had the second-biggest percentage decline, falling 66 per cent to $US1.8 billion.

Mr Wang owns 35 per cent of publicly traded Beijing Xinwei Telecom Technology Group Co, which has tumbled along with China's equity markets. He pledged Xinwei shares valued at $US2.4 billion in July that were removed from his net worth calculation.

Read more: http://www.smh.com.au/business/china/china-billionaires-wealth-plunges-84-20151002-gjzy9t.html#ixzz3nSakIvlu
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