Appliance tycoon named China's wealthiest

BEIJING, Oct. 7 (UPI) -- A 39-year-old appliance and property magnate estimated to be worth $6.3 billion was ranked the richest this year among China's top 1,000 wealthy people.

Gome appliance chain owner Huang Guangyu, ranked fourth last year, displaced real estate developer Yang Huiyan, 27, whose current wealth is estimated at $4.9 billion, on a list compiled by analyst Rupert Hoogewerf, China Daily reported Tuesday.

The report said China's billionaires have seen fortunes decline sharply because of the continuing severe downturns in global stock and property markets. Yang's assets last year were estimated to be worth $19 billion.

The second wealthiest in the country this year is Du Shuanghua, a 43-year-old steel tycoon estimated to be worth $5.1 billion, the report said. He was not in the top 10 last year.

The others on the top 10 this year had not yet been announced.

The report said the top three on the list together had wealth estimated at $35 billion last year, compared to only $16.3 billion this year.