Xu Jiayin tops latest property rich list

Xu Jiayin stayed at the top of the list of richest Chinese property entrepreneurs as of Aug 15, according to the Sweetome Group Hurun Property Rich List 2019 released on Wednesday in Shanghai.

Advancing strategic land storage, standard management, integrated purchasing mode and elevation in value-added products are the major reasons the 61-year-old maintained an increasing earning power. His property development group, Evergrande, realized a tax payment of 24 billion yuan ($3.4 billion) in the first half of this year.

According to the property rich list, the average wealth of the top 10 Chinese property entrepreneurs reached 78 billion yuan, up 8 percent compared with that over the same time last year. Only two of the top 10 entrepreneurs saw their fortunes shrink, while the rest rose.

However, the share of the richest property developers dropped slightly from 14.9 percent to 14.8 percent year-on-year in the latest LEXUS·Hurun China Rich List 2019 released on Oct 10.

"Property was the No 1 industry with the largest number of people attaining a position on the list over the last 15 years, but in a downward trend. The drop-offs this year were mainly from traditional manufacturing and the property industry," Rupert Hoogewerf, the founder and compiler of the China Rich List, said.

Analysis of the Hurun research based on the property rich list said that in recent years, property developers are diversifying their overall arrangement. Evergrande is interested in the new energy vehicle industry, Country Garden, modern agriculture and robotic fields, and Longfor is forging the innovative platform Plug and Play.