Wu Yajun, the billionaire cofounder of real estate developer Longfor Group, added $1.1 billion to her net worth on Tuesday.
, the billionaire cofounder of real estate developer Longfor Properties, added $1.1 billion to her net worth on Tuesday, a day after Beijing pledged more support for China’s troubled property sector. But some analysts are already warning optimism about this support might be overdone., derived mostly from her more than 40% stake in the Hong Kong-listed developer, though she stepped down as chair of the company last October.
Although the top Politburo meeting didn’t announce large-scale stimulus measures that some investors had long hoped for, it concluded with general pledges to boost domestic consumption and adjust real estate-related policies to ensure “stable and healthy” market development. Investors appear to be excited by the removal of China’s President Xi Jinping’s key slogan, ‘houses are for living in, not for speculation,’ from the policy readout.
“For the first time since 2018, Beijing did not mention the general principle of ‘houses are for living in, not for speculation’ at its top-level economic policy meetings,” Nomura economists led by Lu Ting wrote in a research note on Tuesday. The phrase was removed because “overheating risk has subsided,” and its omission sent “a signal of further easing property restrictions,” the economists added.
Longfor could stand to benefit from its relatively prudent financial approach. The company didn’t borrow across the board like billionaire’s China Evergrande Group, which revealed last week that its total liabilities have further increased to $335 billion and it is now going through a lengthy restructuring process offshore.
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