One of China’s Richest Women Transfers $7 Billion Stake in Property Giant
(Bloomberg) -- One of China's richest women is transferring a piece of her property empire to a trust linked to her daughter.
A discretionary trust set up by Longfor Group Holding Ltd.'s chair, Wu Yajun, 54, will distribute the entire stake of a holding company with 44 percent of the residential and retail developer to a trust established by Wu's daughter. The company didn't disclose the trust's beneficiaries.
The stake is worth about $7.2 billion as of Nov. 23. The transaction from the mother trust to daughter trust is for “family wealth and succession planning,” the company said in a Nov. 22 filing, without providing further details.
The billionaire's daughter, Cai Xinyi, declined a request for an interview. A Longfor spokeswoman said the daughter doesn't hold a position at the company, and there are no publicly available photos and scant information about her.
“Madam Wu still remains the chairman and executive director of the listed company, and participates in the company's operation and management," the spokeswoman said in an email reply.
Voting Rights
A search of the Hong Kong company registry shows that Cai Xinyi is a director of nine closely-held companies, including Charm Talent, a firm based in the British Virgin Islands that is part of the ownership structure of the Longfor stake. She was appointed a director for the companies in 2017, and holds a Hong Kong ID.
Tsinghua University's website shows that a student named Cai Xinyi, with the same name in Chinese, is studying for a master's degree in computer science and technology. The university didn't immediately reply to request for comment.
Wu's daughter “unconditionally undertakes and warrants, among others, to exercise the voting rights of the shares related in accordance with Madam Wu's instruction,” the spokeswoman said.
Longfor, which develops and operates projects across China, reported 363 billion yuan ($52 billion) in assets in 2017, with profit of 8.6 billion yuan.
--With assistance from Pei Yi Mak, Venus Feng, Jinshan Hong and Zhang Dingmin.
To contact the reporter on this story: Blake Schmidt in Hong Kong at bschmidt16@bloomberg.net
To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Steven Crabill
©2018 Bloomberg L.P.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
