London Daily

Focus on the big picture.
Sunday, Jun 21, 2026

Chinese Property Tycoon Loses $1 Billion In Panic Over Real Estate Slump

Chinese Property Tycoon Loses $1 Billion In Panic Over Real Estate Slump

Zhang Yuanlin, chairman of Sinic Holdings Group, saw his net worth drop from $1.3 billion Monday morning to $250.7 million by the afternoon
The boss of a Shanghai-based property developer lost more than a billion dollars Monday, as fears over the potential collapse of Chinese real estate giant Evergrande sent panic across Hong Kong trading floors.

Zhang Yuanlin, chairman of Sinic Holdings Group, saw his net worth drop from $1.3 billion Monday morning to $250.7 million by the afternoon, according to Forbes, when his firm was forced to halt trading in Hong Kong following an 87 percent slump in its share price.

Zhang was featured on Forbes' Billionaires list of the world's richest people this year and made his fortune in high-rise apartments -- now highly vulnerable as the possible collapse of teetering property giant China Evergrande sparks panic.

Sinic saw a sudden sell-off and massive increase in trading volume on its shares in the hours prior to its suspension, which comes just weeks before it must pay a 9.5 percent $246 million bond due on October 18, according to Bloomberg.

A spokesperson for Sinic did not respond to AFP's request for comment.

The firm is one of many seeing fortunes wiped over investor fears that Evergrande -- one of China's biggest developers -- will default on upcoming interest payments this week as it wallows in debts of more than $300 billion.

With the property sector estimated to account for more than a quarter of China's GDP, there are concerns of a spillover into the domestic and global economy.

The crisis has even triggered rare protests outside the company's offices by investors and suppliers demanding their money -- some of whom claim they are owed as much as $1 million.
Newsletter

Related Articles

0:00
0:00
Close
London Hotel Wins World’s Best Afternoon Tea Award at International Hospitality Guide La Liste
Court of Appeal Rules in Favour of Competition and Markets Authority in Phenytoin Drug Case
Chichester Waste Site Suspended After Environment Agency Finds Serious Fire and Pollution Risks
UK Appoints Chris Elmore as Special Envoy on Preventing Sexual Violence in Conflict
Environment Agency Fines Yorkshire Firms Nearly £470,000 for Environmental Permit Breaches
British Chambers of Commerce Says Post-Brexit Trade Deals Have Limited Economic Impact
Resident Doctors to Vote on Government Pay Offer in Ongoing NHS Dispute
UK Public Borrowing Reaches £46.3 Billion in Early Fiscal Year, Driven by Debt Interest Costs
UK Government Unveils £100 Million Package to Strengthen Fire and Rescue Response Capacity
Bank of England Holds Interest Rates at 3.75 Percent Despite Easing Inflation
Met Office Extends Amber Heat Warning as Temperatures Forecast to Reach 38C Across Southern England
Prime Minister Keir Starmer Expected to Resign Amid Mounting Labour Party Pressure
UK Government Tightens Procurement Rules to Prioritise National Security and Supply Chain Resilience
National Drought Group Reviews Water Supply Risks After Dry Spring and Ongoing Heatwave
Andy Burnham Faces Leadership Speculation After Weak Local Election Results for Labour
Charity Commission Appoints Interim Managers to Barnabas Aid Amid Financial Investigation
Government Awards £27 Million Leonardo UK Contract to Maintain Military Aircraft Fleet
Environment Agency Suspends Chichester Waste Site Permit Over Fire and Pollution Risks
Border Force Seizes Record Cannabis Shipment in Major UK Criminal Network Disruption
Lloyds Banking Group to Hire 300 Artificial Intelligence Specialists in Digital Expansion Push
UK Government Introduces Alcohol Monitoring Tags for 7,000 Offenders Ahead of Summer Sporting Season
Resident Doctors in England Prepare Vote on Government Pay and Working Conditions Offer
Police Scotland Investigates Suspected Anti-Muslim Attacks in Edinburgh Following Arrest
Met Office Issues Rare Amber Extreme Heat Warning Across Southern and Eastern England
UK Government Unveils Digital Homebuying Reforms to Cut Costs and Speed Up Property Transactions
Train Driver Dies and 89 Injured in Rail Collision Near Bedford as Safety Investigation Begins
Long-Term Economic and Political Effects of Brexit Continue to Shape UK Policymaking
Digital Disinformation Emerges as a Growing National Security Challenge in the United Kingdom
Britain's Dependence on Global Energy Routes Drives Push for More Resilient Supply Chains
Rising Energy Costs Continue to Threaten Britain's Cost-of-Living Recovery
Concerns Grow Over Far-Right Organizing and AI-Driven Online Radicalization in Britain
UK-Led Global Partnerships Conference Calls for Reform of International Development Finance
Middle East Tensions Continue to Weigh on UK Business Confidence
Reports of Middle East Peace Deal Ease Pressure on UK Energy Prices
UK Warns Middle East Conflict Could Worsen Global Food Insecurity
UK Economy Loses Momentum After Strong Start to 2026
Bank of England Holds Interest Rates at 3.75% Despite Easing Inflation
Brexit's Legacy Remains Deeply Divisive Ten Years After the UK Voted to Leave the European Union
International Anti-War Conference Opens in London as Debate Over European Rearmament Intensifies
UK Health Authorities Introduce Drug Price Concessions Amid Record NHS Medicine Shortages
Sir David Attenborough Supports Sherwood Forest Conservation Efforts After Loss of Major Oak
Aardman Animations Marks 50 Years With Major Exhibition in Bristol
Drax Cleared After Investigation Into Wood Pellet Sourcing Practices
Jaguar Land Rover Shifts Toward Hybrid Vehicle Production for US Export Strategy
UK Police Arrest Liberal Democrat MP Cameron Thomas on Suspicion of Assault
Health Concerns Grow Over Elevated Kidney Cancer Rates Near Lancashire PFAS Factory
Royal Navy F-35 Jets Conduct First NATO Air Warfare Exercise from Finnish Airspace
UK NHS Issues Price Concessions for Medicines Amid Severe Drug Shortages
Heathrow Third Runway Project Faces Sharp Downward Revision in Expected Economic Benefits
Amber Heat Warning Issued Across Parts of England and Wales as Temperatures Rise
×