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Oops! Chinese Billionaire Behind New Nicaraguan Canal Drops 90% in 3 Months

Friday, October 2, 2015 13:34

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davidstockmanscontracorner.com / by Jill Mao and Blake Schmidt at Bloomberg / October 2, 2015

The Chinese billionaire using his personal fortune to help fund a $50 billion Nicaraguan challenger to the Panama Canal has crashed into the bitter reality of equity markets in the world’s second-largest economy.

Telecommunications entrepreneur Wang Jing, 42, was one of the world’s 200 richest people with $10.2 billion at the peak of the Chinese markets in June, according to the Bloomberg Billionaires Index. His net worth has since fallen to $1.1 billion.

His 84 percent drop so far in 2015 is the worst recorded by the index, which provides a daily ranking of the world’s 400 richest people. Ivan Glasenberg, chief executive officer of Baar, Switzerland-based Glencore Plc, had the second-biggest percentage decline, falling 66 percent to $1.8 billion.

Wang owns 35 percent of publicly traded Beijing Xinwei Telecom Technology Group Co., which has tumbled along with China’s equity markets. The end of a lockup on 51 percent of its shares on Sept. 10 triggered a further decline that’s pushed Xinwei to a 57 percent drop this year. He pledged Xinwei shares valued at $2.4 billion in July that were removed from his net worth calculation.

Behind Wang and Glasenberg are Hong Kong casino operator Lui Che-Woo and Mexican retailer Ricardo Salinas, who’ve both fallen almost 47 percent. To date, the year’s biggest dollar decliners are the world’s third- and fourth-richest people. Carlos Slim, No. 4, has lost $14.2 billion, or 20 percent of his net worth.Warren Buffett is down $12.5 billion, a 17 percent fall. The 400 billionaires on the index have lost 4.2 percent of their combined net worth this year.

Source: http://silveristhenew.com/2015/10/02/oops-chinese-billionaire-behind-new-nicaraguan-canal-drops-90-in-3-months/

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