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Posted on Nov 21, 07:14PM | IANS
Wu Yajun, who was named as China's richest woman, has lost the title after she had to share her fortune with her ex-husband.
Wu, chairwoman of Longfor Properties Co. Ltd., lost her title after she transferred about 30 percent of her shares in the corporation to her ex-husband Cai Kui.
Her stake in Longfor, a real estate company which both co-founded, dropped by about 45 percent, leaving her net worth estimated at USD 4.2 billion, down from USD 7.3 billion.
Yang Huiyan, executive director of Country Garden Holdings Co, is now China's richest woman with a fortune of USD 5 billion, the China Daily reported Wednesday.
A Longfor spokesman Tuesday said the divorce had been completed in a "friendly" manner, and the share split between the co-founders won't violate debt covenants.