The start of Hong Kong trade on Wednesday by real estate developer Shinsun Holdings Group has formally minted a new China real estate billionaire family.
Shanghai-headquartered Shinsun’s stock ended the day today at HK$5.60, little changed from its IPO price of HK$5.59. The 79% stake held by a family trust controlled by Shinsun’s 69-year-old chairman Chen Guoxiang and family was worth $1.7 billion today.
Chen’s wife Zhu Guoling, is a co-founder. Son Chen Hongni, 37 years old, is the CEO; Hongni is a Canadian citizen and holds a degree from Fort Hays State University.
China’s richest real estate billionaire family is Yan Huiyan, chairman of Country Gardens, who holds a fortune worth $29 billion on the Forbes Real-Time Billionaires List today.
After the U.S., China is home to the world’s second-largest number of billionaires. IPOs such as Shinsun’s have helped fuel their numbers this year.