Wang Jianlin, Asia's richest man, lost about $3.6 billion on Monday, the most among billionaires worldwide, as China's stock markets continue to plunge, according to Canada.com.
He recently overtook Hong Kong billionaire Li Ka-Shing as Asia's richest man Chinese business site Hurun Report revealed in a "rich list" ranking last week. However, hits to his businesses in real estate and entertainment may put that title in jeopardy.
Dalian Wanda Commercial Properties Co., a real estate agency of Jianlin's, lost about $2 billion after the company fell 17 percent to its lowest level since it went public in December of last year, while Wanda Cinema Line Co. lost about $1 billion, which fell by the exchange-exposed limit of 10 percent on Monday, reported Bloomberg. Both firms debuted on the market in the past year, which increased Jianlin's wealth.
A public relations official for Jianlin declined to comment on the losses in an e-mail.
Twenty-four billionaires saw their wealth drop by more than $1 billion on Monday. Microsoft mogul Bill Gates lost $3.2 billion, Inditex SA founder Amancio Ortega's wealth fell $1.5 billion, and Mexico's Carlos Slim lost $1.6 billion.
Even before the market crash, however, Wanda Cinema was falling into dangerous territories. The company was experienced volatile price swings and was even slapped with a trading suspension for about two months.
Before amassing an empire as founder of the Dalian Wanda Group, Jianlin spent 16 years as a soldier in the People's Liberation Army.
Jianlin may have lost a lot of money, but his fortune still amounts to $31.2 billion, despte the massive decline.
