Developer's daughter richest in China

BEIJING, Oct. 9 (UPI) -- The daughter of a former bricklayer turned property developer has become China's wealthiest person and the richest woman in Asia.

Forbes magazine estimated Yang Huiyan's fortune at $16.2 billion, more than seven times the net worth of last year's richest Chinese citizen, Huang Guangyu, who fell to 10th place despite his growing fortune from his electrical appliance retail empire, The Times of London reported Tuesday.

Yang's father, Yang Guoqiang, rose from poverty to make his fortune in property development. In 2005, he turned his fortune over to the second born of his three daughters.

"Even if I reach the age of 100, I am going to give it to her anyway," he said when asked why he chose to turn his shares of his company over to his daughter. "She is family and I have faith in her.”

Forbes said this year's list of the 40 richest people in China includes 20 new names, including two other property developers who came in second and third place on the list.