Home Strategy Real Estate Shinsun IPO Mints New China Real Estate Billionaire Family

Shinsun IPO Mints New China Real Estate Billionaire Family

The start of Hong Kong trade on Wednesday by real estate developer Shinsun Holdings Group has formally minted a new China real estate billionaire family.

Shanghai-headquartered Shinsun’s stock ended the day today at HK$5.60, little changed from its IPO price of HK$5.59.   The 79% stake held by a family trust controlled by Shinsun’s 69-year-old chairman Chen Guoxiang and family was worth $1.7 billion today. 

Chen’s wife  Zhu Guoling, is a co-founder.  Son Chen Hongni, 37 years old, is the CEO; Hongni is a Canadian citizen and holds a degree from Fort Hays State University.

China’s richest real estate billionaire family is Yan Huiyan, chairman of Country Gardens, who holds a fortune worth $29 billion on the Forbes Real-Time Billionaires List today.

After the  U.S., China is home to the world’s second-largest number of billionaires. IPOs such as Shinsun’s have helped fuel their numbers this year.

See related stories: 

How Billionaire Zuo Hui Dominates China’s Real Estate Transactions

—Elaine Mao

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