Since Chinese stocks peaked in June,
shares of Wang's publicly traded companies have tumbled in Hong Kong and
Shenzhen -- eroding his personal wealth. He lost a whopping $3.6 billion in
just the past two trading sessions -- roughly a third of his total losses this
summer.
Wanda Dalian Commercial Properties
plummeted 38% since June 12, slashing nearly $9 billion off the value of Wang's
stake; Wanda Cinema Line fell by 36%, for a loss of $4.2 billion; and Wanda
Hotel Development shares plunged by 49%, wiping another $60 million away,
according to an analysis of stock exchange data and filings by CNNMoney.
Wang recently
overtook Hong Kong billionaire Li Ka-Shing as Asia's richest man, according to
a ranking released last week by the Hurun Report. The report estimated Wang was
worth $42.6 billion.
Even before the
crash, Wanda Cinema was in hot water, experiencing volatile price swings and
even a trading suspension for about two months. The cinema and commercial
property firms both debuted on the market in the past year, boosting Wang's
wealth.
Wang spent 16
years as a soldier before achieving billionaire status by amassing an empire as
founder of the Dalian Wanda Group, a conglomerate that operates in real estate
and entertainment.
His ambitions run
far and wide, and recent investments have focused heavily on the entertainment sector. In 2013, Wang
spent $1.6 billion to buy British yacht maker Sunseeker, which
has built vessels for James Bond films. Prior to that, Wang acquired U.S. movie
chain AMC Cinemas for $2.6
billion in 2012.
Dalian Wanda is
China's largest property owner with over 17 million square meters in its
portfolio. The company operates shopping malls, luxury hotels and more.
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